Trump Slams ‘Ripped Off’ Americans: Vows 10% Credit Card Cap!

Paul Riverbank, 1/10/2026Donald Trump pledges a bold 10% cap on credit card interest to address Americans’ debt stress, thrusting affordability—and its political stakes—into the national spotlight ahead of 2026.

For plenty of Americans, a quick glance at the bottom of a monthly credit card bill confirms the pain is real. Balances creep up. The interest, uncapped, snowballs—what started as emergency spending morphs into a heavy, almost inescapable monthly drain. Trump's latest move leans into that fatigue: cap rates at 10%, he says, and do it for a year starting January 20, 2026. The choice of date is not random: it’s precisely one year after the hypothetical start of his second administration. As with many quickfire Trump pledges, the announcement arrived before much in the way of detail. Would this require congressional approval? A backroom deal with lenders? Something else? Trump didn’t say—at least, not on Friday.

One doesn’t need to dig through polls to know that stories about scraping together minimum payments, of skipping other bills just to keep a card open, are everywhere right now. At the same time, some consumer advocates point out that credit cards aren't the only culprit. Martin Lewis, a voice familiar to anyone who follows debt advice in America or the UK, flagged another villain recently—overdrafts. Average rates there approach a shocking 40%. Some consumers, thinking they're playing it safe, use expensive overdraft lines to pay down (relatively) lower-interest cards, not realizing the financial quicksand they're in. “You actually want to pay just the minimum on the card and get rid of the overdraft first,” Lewis said, stripping away a common misconception.

Of course, Trump didn’t pause at credit cards. He pivoted fast to mortgages. “Mortgage Rates are NOW 5.7%!” he posted, asserting that the rates had soared to 8% under Biden. He attributes the shift to his previous work with Fannie Mae and Freddie Mac—though, as is often the case in politics, the credit and blame for rate changes is hotly contested.

What’s not up for debate is the degree to which everyday costs—at the grocery store, the gas station, even just the local cafe—are squeezing families in ways that feel relentless. Rising housing prices, high borrowing costs: for young families especially, homeownership often seems a distant dream. While Trump’s plan to cap credit card rates is light on implementation specifics, its headline boldly announces that—at least in rhetoric—he’s willing to tackle the affordability crunch head-on.

As with any populist proposal, questions fly from every angle. Would lenders respond by tightening credit? Would there be new fees for consumers who pose a greater risk? How would borrowers with spotty payment histories fare? Bankers warn of unintended consequences; consumer advocates, for their part, see the need for urgent relief. Congress, always fond of a drawn-out debate, may prove a tough audience. Yet Trump’s bet is clear: if he can tap into frustration over pocketbook issues, he could sway voters who feel ignored by both Washington and Wall Street.

As this unfolds, Americans caught in the cycle of monthly statements and mounting interest will watch—some skeptically, some hopefully. Whether the policy ever lands in the real world or not, Trump has, once again, positioned himself at the forefront of a debate that touches more than any spreadsheet ever could.

Former President Donald Trump rarely misses an opportunity to seize on voter anxiety—and on Friday night, he turned the public’s simmering frustration over credit card debt into a clear political flashpoint. He did it, as is often his style, without waiting for policy white papers or caution from economic advisers. “We will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more,” Trump blasted on social media, with a directness that left little room for misinterpretation.For plenty of Americans, a quick glance at the bottom of a monthly credit card bill confirms the pain is real. Balances creep up. The interest, uncapped, snowballs—what started as emergency spending morphs into a heavy, almost inescapable monthly drain. Trump's latest move leans into that fatigue: cap rates at 10%, he says, and do it for a year starting January 20, 2026. The choice of date is not random: it’s precisely one year after the hypothetical start of his second administration. As with many quickfire Trump pledges, the announcement arrived before much in the way of detail. Would this require congressional approval? A backroom deal with lenders? Something else? Trump didn’t say—at least, not on Friday.One doesn’t need to dig through polls to know that stories about scraping together minimum payments, of skipping other bills just to keep a card open, are everywhere right now. At the same time, some consumer advocates point out that credit cards aren't the only culprit. Martin Lewis, a voice familiar to anyone who follows debt advice in America or the UK, flagged another villain recently—overdrafts. Average rates there approach a shocking 40%. Some consumers, thinking they're playing it safe, use expensive overdraft lines to pay down (relatively) lower-interest cards, not realizing the financial quicksand they're in. “You actually want to pay just the minimum on the card and get rid of the overdraft first,” Lewis said, stripping away a common misconception.Of course, Trump didn’t pause at credit cards. He pivoted fast to mortgages. “Mortgage Rates are NOW 5.7%!” he posted, asserting that the rates had soared to 8% under Biden. He attributes the shift to his previous work with Fannie Mae and Freddie Mac—though, as is often the case in politics, the credit and blame for rate changes is hotly contested.What’s not up for debate is the degree to which everyday costs—at the grocery store, the gas station, even just the local cafe—are squeezing families in ways that feel relentless. Rising housing prices, high borrowing costs: for young families especially, homeownership often seems a distant dream. While Trump’s plan to cap credit card rates is light on implementation specifics, its headline boldly announces that—at least in rhetoric—he’s willing to tackle the affordability crunch head-on.As with any populist proposal, questions fly from every angle. Would lenders respond by tightening credit? Would there be new fees for consumers who pose a greater risk? How would borrowers with spotty payment histories fare? Bankers warn of unintended consequences; consumer advocates, for their part, see the need for urgent relief. Congress, always fond of a drawn-out debate, may prove a tough audience. Yet Trump’s bet is clear: if he can tap into frustration over pocketbook issues, he could sway voters who feel ignored by both Washington and Wall Street.As this unfolds, Americans caught in the cycle of monthly statements and mounting interest will watch—some skeptically, some hopefully. Whether the policy ever lands in the real world or not, Trump has, once again, positioned himself at the forefront of a debate that touches more than any spreadsheet ever could.