Donald Trump is marking the one-year anniversary of his administration with a “historic” gift to the American people: a 10% cap on credit card interest rates. In a Truth Social post, the former president announced that the new policy would take effect on January 20, coinciding with the milestone date. He framed the move as a celebration of his success and a reward for the public.
The gift addresses a major source of financial pain. With credit card debt at $1.17 trillion, high interest rates are a burden on millions of families. Trump’s proposal offers a way out, promising to lower monthly payments and help people get out of debt.
However, the banking industry warns that the gift is a Trojan horse. Major financial associations issued a statement predicting that the cap would lead to a reduction in credit availability. They argued that if banks are forced to lower rates, they will simply stop lending, leaving consumers worse off than before.
Senator Elizabeth Warren was also critical, calling the announcement a “joke.” She argued that Trump is offering a gift he cannot deliver, as he lacks the legal authority to enforce the cap. Warren accused the president of misleading the public for political gain.
Despite the criticism, the announcement has been welcomed by Senator Josh Hawley. His support suggests that the populist wing of the GOP sees the rate cap as a winning issue. As January 20 approaches, the nation waits to see if the gift is real.
