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Donald Trump had taken another intriguing decision as he recently communicated that he wants to restrict credit card annual interest to 10%. This is considerably lower than the current practice and would largely help the American population while it would certainly be a bad piece of news to banks and credit card issuers.
In this context, the United States president spoke briefly about the real intention behind, restricting the annual interest percentage on credit cards, and here is what he had to say on the same.
Trump said the profit margin for credit card companies now exceeds 50%, and they charge Americans interest rates of 28%. So, to help the citizens recover from the so called “Joe Biden disaster” Trump is asking Congress to cap credit card interest rates at 10% for one year.
Trump is saying he’s asking Congress to cap credit card interest rates at 10% for one year as this will help billions of Americans save for a home they have no idea they’re paying 28% they go out there a little late in their payment that they end up losing their house.
On the other hand, CEO of US banking giant JPMorgan Chase Jamie Dimon warned today that the Trump administration’s proposed 10% cap on credit card interest rates would spell economic disaster, leaving everyday consumers without access to crucial credit.
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