President Donald Trump wants to limit credit card interest rates to 10% for one year, targeting what he calls unfair borrowing costs. Many consumers currently pay annual rates exceeding 20%, and the proposal aims to ease financial pressure on households. Trump framed the plan as part of his broader cost-of-living agenda.

Details on implementation are scarce, and the cap would need congressional approval to move forward. Credit card companies have historically opposed strict rate limits, arguing such measures could reduce access to credit for riskier borrowers. Past attempts at rate regulation, including a failed 1980s cap, faced strong industry pushback.

Consumer advocates welcomed the proposal but questioned its feasibility amid a divided Congress. The plan arrives as Americans face growing credit card debt and higher borrowing costs following recent Federal Reserve actions. Whether this becomes policy or remains a campaign talking point hinges on political support and economic conditions heading into the next election cycle.