Trump cancels citizens’ debts. On the occasion of the 1st birthday of his reign

We will no longer allow America to be broken up by credit card companies charging 20 to 30 percent interest. As President of the United States, I am calling for a one-year cap on credit card interest rates of 10 percent.

The average interest rate on credit cards in the U.S. is currently around 20 percent. Total credit card debt has reached about $1.1 trillion, according to data from the Federal Reserve Bank of St. Louis. These are huge amounts (almost 6 times the amount of Poland’s budget), which clearly burden Americans’ household budgets.

However, Trump’s proposal is highly controversial. Billionaire Bill Ackman described it as a “mistake” in a social media post. Trade associations in the banking industry did not directly comment on the proposal, but it is clear that introducing such a limit could significantly affect the profits of financial institutions.

Trump also touched on the interest rate cap during the 2024 campaign. In February, senators Bernie Sanders and Josh Hawley proposed a bill introducing such a limit, but it was not passed. The question remains whether the current president will take actual regulatory steps to implement this limit. The White House had no immediate comment on specific actions.

The announcement is part of Trump’s broader strategy of trying to pressure large corporations to achieve his political goals. Last Wednesday, the president said he wanted to ban large investors from buying single-family homes in the United States. He also issued an executive order to limit stock buybacks and dividends for defense companies.