Trump to Cap Credit Card Interest at 10%

11,807 Views | 229 Replies | Last: 15 min ago by aTmAg
Less Evil Hank Scorpio
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9:24p, 1/9/26
AG


I don't think this will be that big of a win. Credit card companies will stop offering cards to unworthy creditors and because they will make less profit, higher income/more credit worthy people who use them properly will get reduced benefits from their cards.

I guess in the short term, helping people pay their existing credit card debt is a boost for a lot of Americans, but meddling in contracts between people who were assessed on their risk and then capping the ability for the company to offset that risk appropriately is questionable to me.
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AggieVictor10
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9:26p, 1/9/26
AG
Pretty cool either way
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AtticusMatlock
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9:26p, 1/9/26
Under what legal authority is he doing this?
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Jeeper79
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9:27p, 1/9/26
AG
What authority does he have to do this?
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Less Evil Hank Scorpio
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In reply to AtticusMatlock • 9:28p, 1/9/26
AG
AtticusMatlock said:
Under what legal authority is he doing this?


He did say "calling for" rather than "ordering". Not sure if there's anything to that word choice.
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TexasAggie73
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9:29p, 1/9/26
AG
Wouldn't that be lowering the profit levels for banks and their stockholders?
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AtticusMatlock
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In reply to Less Evil Hank Scorpio • 9:31p, 1/9/26
The White House tweet said he was announcing a rate cut effect of January 20th. His actual statement says he's calling for it.

I don't think this is anything he can do via executive order and legislation would obviously never get done by that time and would have a waiting period before taking effect.

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MemphisAg1
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9:32p, 1/9/26
AG
Bad Trump.

He's gone from bad to worse on a number of recent policy proposals.

Next thing you know he'll embrace a 3 year extension of the "temporary" Obamacare enhanced subsidies.
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boulderaggie
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9:33p, 1/9/26
AG
The highest cc rates right now are around 36% APR which seems egregious.
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Kansas Kid
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9:34p, 1/9/26
Pocahontas should love this and a few other recent policy announcements.
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Logos Stick
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In reply to Jeeper79 • 9:35p, 1/9/26
Jeeper79 said:
What authority does he have to do this?


None
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Teslag
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In reply to boulderaggie • 9:35p, 1/9/26
AG
boulderaggie said:
The highest cc rates right now are around 36% APR which seems egregious.


There's a really easy way to avoid paying that interest
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boulderaggie
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In reply to Teslag • 9:37p, 1/9/26
AG
Yep. I was shocked at that number.
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AtticusMatlock
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In reply to Kansas Kid • 9:37p, 1/9/26
Kansas Kid said:
Pocahontas should love this and a few other recent policy announcements.


Bernie Sanders tweeted about the need to cut rates and blaming Trump for high interest rates. He tweeted at 2:46 p.m. -- a few hours later Trump sends this out.

He's reading Twitter and crafting policy on the toilet.
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Pinochet
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In reply to boulderaggie • 9:38p, 1/9/26
boulderaggie said:
The highest cc rates right now are around 36% APR which seems egregious.

You don't have to borrow money. You know that right?
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BrazosDog02
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In reply to boulderaggie • 9:45p, 1/9/26
AG
boulderaggie said:
The highest cc rates right now are around 36% APR which seems egregious.


So what? It's business. If the market supports it then f- it. It's not like people signing up aren't aware. It's not slid in under the radar. They are not tricked. I don't care what the rate is. Trump has no authority and it's a dumb thing for him to say.
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GAC06
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9:48p, 1/9/26
AG
So even more commercials for payday loans, cash advances, and gambling? Neat.
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Cargo Shorts FTW
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In reply to AtticusMatlock • 9:51p, 1/9/26
AG
AtticusMatlock said:
Kansas Kid said:
Pocahontas should love this and a few other recent policy announcements.


Bernie Sanders tweeted about the need to cut rates and blaming Trump for high interest rates. He tweeted at 2:46 p.m. -- a few hours later Trump sends this out.

He's reading Twitter and crafting policy on the toilet.

I do my best work on the toilet. I am a big fan of the horror genre.

I suspect he's looking to pressure compliance with public praise/shaming instead of mandates, pretty hard for far left banks like BofA to not participate in such a program.
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infinity ag
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9:55p, 1/9/26
Good Trump!

Every time Trump sticks it to scummy CEOs, I celebrate!
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infinity ag
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In reply to TexasAggie73 • 9:55p, 1/9/26
TexasAggie73 said:
Wouldn't that be lowering the profit levels for banks and their stockholders?


Yeah and no one cares
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Gaeilge
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9:57p, 1/9/26
This is bad Trump. It will destroy consumer spending as well as a liquidation of access to credit
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jja79
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9:59p, 1/9/26
AG
Credit availability to people with lower scores will dry up.
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Stupe
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In reply to infinity ag • 10:00p, 1/9/26
S
infinity ag said:
Good Trump!

Every time Trump sticks it to scummy CEOs, I celebrate!

You think that's who this will hurt?

Really?
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Stupe
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In reply to jja79 • 10:01p, 1/9/26
S
jja79 said:
Credit availability to people with lower scores will dry up.

Yep.
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Less Evil Hank Scorpio
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In reply to infinity ag • 10:01p, 1/9/26
AG
infinity ag said:
TexasAggie73 said:
Wouldn't that be lowering the profit levels for banks and their stockholders?


Yeah and no one cares


If you have a rewards credit card, or a 401k/IRA, you should probably care at least a little bit, if you have investments in the banks
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javajaws
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10:12p, 1/9/26
AG
Bad Trump!
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Teslag
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In reply to infinity ag • 10:13p, 1/9/26
AG
infinity ag said:
TexasAggie73 said:
Wouldn't that be lowering the profit levels for banks and their stockholders?


Yeah and no one cares


You will when you see what it does to consumer spending
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AtticusMatlock
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In reply to Teslag • 10:15p, 1/9/26
Consumer spending among middle and lower classes is already in the toilet. Almost all the consumer spending growth we've seen in the last two years has been from high income earners and people heavily invested in the stock market. We are in a K-shaped economy.
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Rapier108
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10:16p, 1/9/26
Trump just tossing out dumb ideas.

Must be a day that ends in "Y".

He has no legal authority to do this, and if he tries an EO, it will get blocked in short order.
"If you will not fight for right when you can easily win without blood shed; if you will not fight when your victory is sure and not too costly; you may come to the moment when you will have to fight with all the odds against you and only a precarious chance of survival. There may even be a worse case. You may have to fight when there is no hope of victory, because it is better to perish than to live as slaves." - Sir Winston Churchill
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javajaws
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In reply to infinity ag • 10:16p, 1/9/26
AG
infinity ag said:
Good Trump!

Every time Trump sticks it to scummy CEOs, I celebrate!


So what other products and services do you support price caps for?
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Jarrin Jay
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11:01p, 1/9/26
AG
He has no authority to do that, and it is a terrible idea.
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Kansas Kid
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In reply to Less Evil Hank Scorpio • 11:05p, 1/9/26
Next week we will probably hear about an order for price controls on rental property.
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BigRobSA
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11:35p, 1/9/26
1) This is dumb on every possible level.

2) He doesn't even remotely have the power to "call for" this.

3) Fiscally liberal idiocy like this (telling a company they can't make profits legally) is always bad.
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InfantryAg
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12:27a, 1/10/26
AG
Only 10% interest... and a $40 - $100 monthly fee.
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Burdizzo
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12:28a, 1/10/26
AG
If we lower CC rates who will buy the Dave Ramsey books?
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