President Trump just announced a proposal that actually hits where most Americans live, their monthly bills. While Washington loves to argue about abstract theories and academic nonsense, President Trump is talking about something painfully real, the credit card statements sitting on kitchen tables across the country. His idea is simple and refreshingly blunt, a temporary one year cap on credit card interest rates at 10 percent.
The plan would take effect on January 20, 2026, lining up neatly with the one year anniversary of President Trump’s return to the White House. The symbolism is obvious and intentional. Instead of throwing himself a gala or cutting another ceremonial ribbon, President Trump wants to mark the milestone by stopping credit card companies from gouging Americans who are already stretched thin.
HUGE: President Donald J. Trump announces a one year cap on Credit Card Interest Rates of 10% effective January 20, 2026. đź’¸ pic.twitter.com/WKJ4Fk4SnC
— The White House (@WhiteHouse) January 10, 2026
In a statement posted to Truth Social, President Trump didn’t bother with polite bureaucratic language. He called out credit card companies for charging 20 to 30 percent interest rates, sometimes even higher, while doing absolutely nothing to justify it. He also pointed out that this mess was allowed to fester during the Sleepy Joe Biden administration, when inflation exploded and families were forced to rely on credit just to keep up.
Right now, the average credit card interest rate sits north of 22 percent, according to Federal Reserve data. That is not a typo. For many families, especially those dealing with medical bills, car repairs, or basic household expenses, credit cards are not a luxury. They are a lifeline. Slashing those rates in half, even temporarily, would provide real breathing room.
This is not some brand new idea either. On the campaign trail, President Trump floated the concept repeatedly, framing it as basic fairness. If banks can borrow money cheaply and then turn around and hammer consumers with obscene interest rates, something is broken.
There is a catch, of course. According to reporting from the organization Politico, it is not entirely clear what authority the president has to impose such a cap without congressional approval. There is already legislation floating around, sponsored by Bernie Sanders and cosponsored by Josh Hawley, that would cap rates at 10 percent for five years. Similar bills exist in the House as well.
Ironically, the primary regulator overseeing credit cards is the Consumer Financial Protection Bureau, an agency President Trump has rightly criticized as bloated and unaccountable. That makes this proposal even more interesting, because it forces Congress to either step up or admit they are fine with Americans being ripped off.
Whether you love him or hate him, President Trump is putting real money back into the conversation. The question now is whether Washington will help working Americans for once, or protect the credit card companies yet again.
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