US EditionAmericans would save $100B if credit card rates were capped as Trump proposed, researchers say
Researchers estimate Americans could save $100 billion annually if credit card interest rates were capped at 10%, potentially reducing the financial burden from current average rates around 21%.
- A Vanderbilt University paper found that Americans would save roughly $100 billion a year in interest costs if credit card interest rates were capped at 10%.
- The paper stated that banks could still earn a profit on most customers even with a 15% interest rate cap, though rewards may need to be reduced if the cap was set at 10%.
- Trump proposed a temporary 10% cap on credit card interest rates during his 2024 campaign, and bills matching this proposal have been introduced in Congress.
70 Articles
70 Articles
Tulsa World
Proposed credit card rate cap would save $100B
NEW YORK — Americans would save roughly $100 billion a year in interest costs if President Donald Trump's campaign proposal to cap credit card interest rates at 10% were implemented, according to a new paper published by Vanderbilt University.
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Associated Press News
Americans would save $100B if credit card rates were capped as Trump proposed, researchers say
A new paper from Vanderbilt University suggests Americans could save about $100 billion annually if credit card interest rates were capped at 10%, as proposed by President Donald Trump.
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