Credit card interest should be reduced to 10 percent: Trump makes a strong proposal

 

 

P. P. Cherian

Washington, DC: US President Donald Trump has demanded that interest rates be fixed at 10 percent for a year to curb the excessive interest rates charged by credit card companies. He alleged that companies that currently charge interest rates of 20 to 30 percent are robbing people.

Trump aims to impose this restriction for a year from January 20, 2026.

This move has the support of prominent leaders of the Democratic and Republican parties. Sanders and Alexandria Ocasio-Cortez have also made a similar demand earlier.

This intervention comes at a time when the total credit card debt in the United States has reached $ 1.23 trillion.

Banks and other financial institutions are strongly opposing this proposal. They argue that lowering interest rates to 10 percent would prevent millions of ordinary people from getting credit cards, which would hurt the economy.

The move is part of Trump's efforts to provide relief to ordinary people by reducing borrowing costs. He has also previously intervened to lower mortgage rates.