Trump says he's putting caps on credit card interest rates

[In It to Win It]

Link to tweet

[RockRaven]

1. "calling for" equals *wanking motion*

And as for the "but you'll drive them towards loan sharks"...

Yeah, man, that's their goal: to utterly immiserate the masses in every manner possible.

[Igel]

14. Caps were touted as a great thing just a few years ago.

Khan, Warren, Biden ... Not that dissimilar, but they'd have had the same effect as Trump's proposal would.

The idea hasn't just developed unwanted and heinous side effects--bad as it is, possibly worse as a result of the change--it's had them all along.

[yaesu]

2. Since we live in a lawless third world nation I say just walk away from the debt

It's unsecured, once u get a loan it becomes secured.

[JBTaurus83]

3. Not a good idea for the GOP

This country stays afloat on credit cards. I’d love to see people realize that they really don’t own anything other than debt once their cards are closed. Most Americans live outside of our means, and/or don’t make a truly livable wage. This wouldn’t help with affordability, it would shine a spotlight on it.

[Skittles]

4. so is Trump saying rates were 10% or below during his first term?

what a fucking clown he is

[Blue Full Moon]

5. Debt forgiveness should have already occurred

That should have happened when the financial meltdown occurred and not corporation bailout. The high rates are usury. The consumer protection bill signed by Bush jr spurred the meltdown.

[Igel]

15. The "bailout" was a short-term loan.

It's mostly been paid back, and the interest on what was paid back easily covered what was defaulted on.

[kentuck]

6. He is trying to re-inforce his support amongst his followers...

...one little favor here and one little favor there and they can forget about all the tyranny around them.

[LymphocyteLover]

20. he also rescheduled marijuana... or was talking about it... trying to do something popular

though not so much with conservatives

[Emile]

7. Sounds like a sprinkle of socialism to keep

Last edited Sat Jan 10, 2026, 11:15 AM - Edit history (1)

the greedy predatory Capitalists from bankrupting working class people.

[Igel]

17. Just populist regulation.

No seizing the means of production or nationalizing things.

Plus he'd go through Congress, which, as we've seen, isn't like the Politburo or Maduro's legislature. (Although it's cool that the vice-president was the sister of the leader in the legislature ... Now the acting president and her brother!)

[Liberal In Texas]

8. Biden had late fees slashed to $8.

"Calling for" has no force of law. Credit card companies will absolutely not do this, or they'll withdraw credit cards for most people for the year this is in effect.
And what's with the "Year?" Oh, midterms then it'll expire.

[Johonny]

12. Im sure the GOP in congress will jump right on this

Right after banning private companies from buying homes, and his health care plan.

[Danmel]

9. A one year cap, if any, to end after the midterms

Stupid suckered will fall for it

[RoseTrellis]

10. HR 1944

Isn’t this the bill AOC co-sponsored?
https://www.congress.gov/bill/119th-congress/house-bill/1944
Here’s the original BumRDS post from last March…

https://www.democraticunderground.com/10143415421

In a bipartisan move aimed at financial reform, Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna have introduced legislation that would cap credit card interest rates at a maximum of 10 percent. The proposed cap is a stark reduction from current rates, which average around 21 percent, according to the St. Louis Fed.

"During his campaign, President Trump pledged to cap credit card interest rates at 10 percent. We're making that pledge more than a talking point by introducing legislation to protect working people from remaining trapped under mountains of debt," Ocasio-Cortez said in a press release. Newsweek reached out to Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna for comment via email on Monday.

Why It Matters

Echoing a campaign promise from Trump, the bill aims to realize a pledge that was touted as a solution to the debt many Americans face due to high credit card interest rates. By capping rates for around five years, the bill would provide a period of relief to consumers. As of December 2024, Americans hold $1.21 trillion in credit card debt, an increase of $45 billion from September 2024, per New York Fed data. What's more, 7.18 percent of U.S. credit card debt is in serious delinquency, meaning Americans are facing potential credit score damage, increased financial stress and the looming threat of collections.

What To Know

The legislation (H.R.1944) was introduced late last week by Ocasio-Cortez, a New York Democrat, and is co-sponsored by Luna, a Florida Republican. It would amend the Truth in Lending Act to immediately enforce an interest rate cap of 10 percent, directly challenging the substantial profits garnered by credit card companies at the expense of consumers.

Read more: https://www.newsweek.com/credit-card-interest-rates-change-under-new-bill-2042280

[LymphocyteLover]

11. Will pedoPOTUS push for this bill to be passed? I doubt it. And he certainly can't make companies to do this.

[RoseTrellis]

13. Co-sponsored by a republican

If trumph is obliquely pushing this bill, it already has been co-sponsored by a republican.
I didn’t know this, but apparently their was a similar bill advanced in the senate by Bernie Sanders and Josh Hawley, which would capped the rate at 10% for 5 years.
https://www.congress.gov/bill/119th-congress/senate-bill/381

[LymphocyteLover]

21. will they go through with it though?

and I sure hope no Dems vote against this

[Rebl2]

18. Just

what I was going to say. The only way I think he can is he threatens the credit card companies and banks some way.

[Nanjeanne]

16. Last year Sanders/Hawley in Senate and AOC/Luna in House proposed a bill to cap cc interest at 10%

Of course powerful banking lobbies pushed back.

[Johonny]

19. The more Trump promises and fails to deliver (and congress ain't passing this)

And the more he pretends he did it, the worse the mid-terms will get for him. He isn't campaigning. He's in charge, and they think he's a dictator! He can't promise the moon and fail to deliver. EO don't mean shit. He is living in fantasyland and it's getting worse for him every day.

Meanwhile American credit card debt holders are going to see this hasn't come true, and be pissed! (well more pissed). The economy is horrible below the top 10% of America (which appears to be shrinking every month).