Trump’s Unfulfilled Credit Card Rate Cap Costs Americans Billions

The Century Foundation and Protect Borrowers report that credit card holders are currently accruing $368 million in daily interest beyond what they would owe under the proposed 10% cap. With the average interest rate hovering near 25%, millions of households find themselves trapped in cycles of persistent debt. While bipartisan legislation has been introduced in Congress, the president has withheld his support, instead linking his legislative agenda to a voter suppression bill that lacks Senate backing.

Senator Elizabeth Warren criticized the administration's priorities, stating that Trump is currently too busy siding with Wall Street to deliver on his campaign vows. Data confirms the severity of the crisis: over 111 million Americans collectively hold more than $1 trillion in credit card debt. Average monthly payments have surged 38% since 2018, far outpacing inflation. As households struggle with broader affordability issues—including rising healthcare and utility costs—many are forced to rely on high-interest credit just to cover basic living expenses.