President Donald Trump is urging major credit card companies to lower interest rates for consumers and place a temporary cap on what borrowers pay. He is calling for a one-year limit of 10 percent on credit card interest rates.
The call came late Friday and is drawing a mix of support and criticism from different sectors in Washington and the financial industry.
These lawmakers note that many Americans carry balances on their cards and often face double-digit interest rates that can climb above 20 percent. They argue that a temporary cap could offer short-term relief to families dealing with high prices and economic uncertainty.
Some lawmakers are signaling interest in drafting bills that would formalize the 10 percent cap for a limited period. Others are suggesting alternative approaches, such as targeted relief for certain income groups or stricter rules on penalty rates and fees rather than a single across-the-board cap.
The debate is unfolding as national figures track trends in consumer debt, savings, and delinquency rates. Federal data show that total credit card balances have risen in recent years, along with other forms of consumer borrowing. Policymakers are watching these trends as they weigh the potential effects of any new limits on interest charges.
The timeline for any concrete action remains uncertain. Card issuers have not announced voluntary changes in response to the call. Lawmakers have not yet agreed on specific legislation. Discussions between political leaders, regulators, and industry representatives are ongoing as they consider the possible scope and impact of a one-year 10 percent cap on credit card interest rates.