President Trump on Wednesday urged lawmakers to pass legislation that would cap credit card interest rates at 10%, a proposal he framed as a way to ease affordability concerns. "They charge Americans interest rates of 28%, 30%, 31%, 32%. Whatever happened to usury?" he said at the World Economic Forum in Davos, Switzerland. "I'm asking Congress to cap credit card interest rates at 10% for one year, and this will help millions of Americans save for a home. They have no idea they're paying 28%. They go out there, a little late on their payment and they end up losing their house. It's terrible." While there has been bipartisan interest in Congress in limiting credit card rates, previous e
President Trump on Wednesday urged lawmakers to pass legislation that would cap credit card interest rates at 10%, a proposal he framed as a way to ease affordability concerns. "They charge Americans interest rates of 28%, 30%, 31%, 32%. Whatever happened to usury?" he said at the World Economic Forum in Davos, Switzerland. "I'm asking Congress to cap credit card interest rates at 10% for one year, and this will help millions of Americans save for a home. They have no idea they're paying 28%. They go out there, a little late on their payment and they end up losing their house. It's terrible." While there has been bipartisan interest in Congress in limiting credit card rates, previous efforts — including a bill pushed last year by Sens. Josh Hawley (R-MO) and Bernie Sanders (I-VT) — have stalled. #trump #davos #creditcards #cspan ♬ original sound - C-SPAN
