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The Economic Times

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What happened to Trumps promise of a 10% cap on credit card interest rates?

President Trump is demanding a 10% cap on credit card interest rates to slash record debt. Current APRs exceed 21%, costing Americans billions. Trump set a January 20, 2026, deadline for banks to comply voluntarily, but most lenders refused. Now, he is urging Congress to pass a one-year federal law. While this horseshoe alliance with progressives could save consumers $100 billion, banks warn it may force millions of card cancellations.

22 Jan 2026 6:29 pm