Trump announces plan to cap credit card interest rates at 10% for one year
Washington: US President Donald Trump on Friday announced plans to cap credit card interest rates at 10% for a period of one year, saying the move is aimed at easing affordability concerns for American consumers, The Times of India reported.
In a post on his Truth Social platform, Trump said credit card companies would no longer be allowed to charge interest rates of 20% to 30% or higher. He also criticised the previous Joe Biden administration for not checking high interest rates in recent years.
"Please be informed that we will no longer let the American public be “ripped off” by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY!"
According to Trump, the proposed cap would come into effect from January 20, 2026, and remain in place for one year. The date marks the first anniversary of his return to the White House as US president.
"Effective January 20, 2026, I, as President of the United States, am calling for a one-year cap on Credit Card Interest Rates of 10%," he said. He further wrote, "coincidentally, the January 20th date will coincide with the one-year anniversary of the historic and very successful Trump Administration."
The announcement comes as the Trump administration pushes measures aimed at easing financial pressure on American consumers. Earlier, the US government said it would purchase nearly $200 billion worth of mortgage-backed securities, a move officials said was intended to help bring down mortgage rates amid ongoing housing affordability concerns.
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Hassan: Driver of tipper suffers electric shock, dies on spot as truck touches wire
Hassan: The driver of a tipper reportedly died in Nettekere village of Belur taluk after suffering an electric shock when the vehicle came in contact with electric wire while emptying the sand transported in it.
The deceased driver, Dileep (33) of Hanumanahalli in Holenarasipura taluk, is said to have failed to notice the wire above the vehicle while tipping the sand in the truck. Immediately as the wire touched the tipper, however, Dileep suffered a shock and is said to have died on the spot.
Belur Police, who were informed of the incident, visited the spot and are learned to have held an inspection.
