WASHINGTON (TNND) — President Donald Trump is cracking down on credit card companies. In a post to Truth Social, the president announced he will place a one-year cap on credit card interest rates for 10%, beginning on Jan. 20.
Trump put the blame on former President Joe Biden for the high credit card interest rates. He said under the Biden administration, they charged 20% to 30% interest rates.
“Please be informed 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,” Trump wrote.
The announcement comes as Trump has turned to affordability as housing prices continue to increase. Inflation is also continuing to rise as it outpaces wages.
On top of cracking down on credit card companies, the president announced new initiatives, such as encouraging Fannie Mae and Freddie Mac to buy $200 billion in mortgage bonds to help with housing affordability.
Trump has even floated the idea of a 50-year mortgage. Although mortgage rates have been on the decline recently, they are still up from five years ago.
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Coincidentally, the announcement lines up with his first anniversary for his second-term in office. The president did not specify how the cap would be implemented.
