{"id":2343863,"date":"2024-09-20T10:30:56","date_gmt":"2024-09-20T14:30:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-could-run-into-trouble-with-temporary-cap-on-credit-card-interest-rates-washington-examiner\/"},"modified":"2024-09-20T10:33:17","modified_gmt":"2024-09-20T14:33:17","slug":"trump-could-run-into-trouble-with-temporary-cap-on-credit-card-interest-rates-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-could-run-into-trouble-with-temporary-cap-on-credit-card-interest-rates-washington-examiner\/","title":{"rendered":"Trump could run into trouble with temporary cap on credit card interest rates &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrump-could-run-into-trouble-with-temporary-cap-on-credit-card-interest-rates-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2343863&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Former \u2062President Donald Trump \u200chas proposed \u200bimplementing a temporary cap on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/credit-card-interest-rates-reach-all-time-high\/\" title=\"Credit Card Interest Rates Reach All-Time High\">credit card interest rates<\/a> at around 10% if he returns to\u2064 the White House. Announcing this during a rally \u2063in Long Island, \u2063he aimed to address the economic challenges and burgeoning debt crisis facing voters, particularly highlighting the struggles of working-class Americans with high credit card debt. \u200cWhile he received applause for \u2062his announcement,\u200d details regarding eligibility and the duration of the proposed \u2064cap were not provided. <\/p>\n<p>Trump&#8217;s plan raises questions about presidential authority to enforce such a\u2063 policy, given that similar measures have been introduced \u200cby \u2062Congress in the past but faced challenges. Critics of \u2063the proposal \u2064argue that it could lead to unintended consequences, \u2064such as shortages and unfair\u2063 advantages for prime borrowers. The former \u2062president is campaigning in New York, traditionally \u200ba Democratic stronghold, as part of\u200b his broader strategy to gain traction in areas \u200bwhere Republicans have struggled \u2062in recent decades. \u2063As <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hawley-gets-pushback-from-banking-groups-for-bill-to-cap-credit-card-rates-at-18\/\" title=\"Banking groups oppose Hawley&#039;s bill to limit credit card rates at 18%.\">credit card interest rates continue<\/a> \u2064to rise, Trump\u2019s pledge resonates with many Americans\u200b facing significant debt, aiming to present himself as\u2063 a\u2063 candidate focused on economic relief.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Trump could run into trouble with temporary cap on credit card interest rates<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1764649\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>Former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump?source=%2Fdue-process-is-crucial-to-justice-both-for-accusers-and-the-accused\" target=\"_blank\" rel=\"noopener\" title>Donald Trump<\/a> promised the country he would place a temporary cap on <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/credit-cards\/\" target=\"_blank\" rel=\"noopener\" title>credit card<\/a> interest rates if he returns to the White House.&nbsp;<\/p>\n<div class=\"article-paywall\">\n<p>Speaking to New York supporters at a Long Island rally, Trump <a href=\"https:\/\/x.com\/BehizyTweets\/status\/1836565850687406158\" target=\"_blank\" rel=\"noopener\" title>announced<\/a> his latest proposal to address the economy and a ballooning debt crisis facing voters.<\/p>\n<p>&ldquo;While working Americans catch up, we&rsquo;re going to put a temporary cap on credit card interest rates. We&rsquo;re going to cap it at around 10%,&rdquo; he said to cheers. &ldquo;We can&rsquo;t let them make 25% and 30%.&rdquo;&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: Trump announces that as president, he will immediately implement a temporary 10% cap on credit card interest rates<\/p>\n<p>&#8220;We can&#8217;t let them make it 25% and 30%.&#8221;<\/p>\n<p>Credit card interest rates are at a historic high under the Kamala-Biden regime. His simple plan will alleviate&hellip; <a href=\"https:\/\/t.co\/yENoVsqv1S\">pic.twitter.com\/yENoVsqv1S<\/a><\/p>\n<p>&mdash; George (@BehizyTweets) <a href=\"https:\/\/twitter.com\/BehizyTweets\/status\/1836565850687406158?ref_src=twsrc%5Etfw\">September 19, 2024<\/a><\/p><\/blockquote>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/p>\n<p>Trump didn&rsquo;t elaborate on who would be eligible for the policy or offer a timeline on how long the reduced rates would last. The Trump campaign declined to comment on the policy.&nbsp;<\/p>\n<p>Although a president likely wouldn&rsquo;t hold the necessary authority to execute the policy himself, Congress has tried to take such an action before. Sen. Josh Hawley (R-MO), a Trump ally, <a href=\"https:\/\/www.hawley.senate.gov\/hawley-introduces-new-legislation-cap-credit-card-interest-rates-and-provide-relief-working\/\" target=\"_blank\" rel=\"noopener\" title>introduced<\/a> legislation to cap credit card interest rates last year. He introduced the measure as he criticized the government for being &ldquo;quick to bail out&rdquo; the &ldquo;biggest banks&rdquo; as &ldquo;Americans are being crushed under the weight of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/credit-card-debt-hits-record-amid-rising-interest-rates\/\" title=\"Record credit card debt as interest rates rise.\">record credit card debt<\/a>.&rdquo;<\/p>\n<p>Other right-leaning groups have <a href=\"https:\/\/www.heritage.org\/monetary-policy\/commentary\/price-controls-credit-card-interest-rates-will-compound-bidenomicss\" target=\"_blank\" rel=\"noopener\" title>argued<\/a> the measure amounts to a price control that would create shortages and favor prime borrowers at the expense of lower-income borrowers.<\/p>\n<p>When the Biden administration similarly tried to lower credit card late fees earlier this year, a federal judge put a stop to his plans. &ldquo;Every month that the credit card late fee rule is blocked will cost Americans over $800 million,&rdquo; the White House warned following the ruling in May. <\/p>\n<p>Trump&rsquo;s pitch on credit card matters to New York voters comes as he fights to gain a foothold in the Democratic bastion.<\/p>\n<p>&ldquo;We are going to win New York,&rdquo; he told thousands gathered in Nassau Coliseum. &ldquo;I say to the people of New York: With crime at record levels, with terrorists and criminals pouring in, and with inflation eating your hearts out, vote for Donald Trump! What the hell do you have to lose?&rdquo;&nbsp;<\/p>\n<p>A Republican presidential candidate hasn&rsquo;t won New York in 40 years. The most recent polling indicates Vice President Kamala Harris holds a wide lead in the state. Nonetheless, Trump has repeatedly waded into deep-blue areas, <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/presidential\/3016289\/diverse-bronx-rally-crowd-trump-new-york\/\" target=\"_blank\" rel=\"noopener\" title>including the Bronx<\/a>, where he held a massive rally earlier this year.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Trump at a campaign event at Nassau Coliseum on Wednesday, Sept.18, 2024, in Uniondale, New York. (AP Photo\/Alex Brandon)<\/figcaption><\/figure>\n<p>The voters he rallied in New York and people around the country are struggling with credit card debt. Three in 5 people across the country owe credit card debt even as nearly half of people have $500 or less in their savings accounts per a <a href=\"https:\/\/www.gobankingrates.com\/banking\/banks\/how-much-money-do-americans-have-in-their-bank-accounts-in-2024\/\" target=\"_blank\" rel=\"noopener\" title>GOBankingRates survey<\/a>.&nbsp;<\/p>\n<p>Credit card interest rates reached record highs this year. At 30.45%, the number signals a sharp increase from 24.35% in 2021, according to Bankrate&rsquo;s annual Retail Cards Study.&nbsp;<\/p>\n<p>Total U.S. credit card debt sits at $1.14 trillion, according to data from the Federal Reserve.&nbsp;<\/p>\n<p>Trump&rsquo;s pledge to tackle credit card interest rates marks the latest item on the economic agenda he has unveiled in recent weeks. The former president indicated support for <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3157292\/trump-restore-salt-deduction-major-fiscal-reversal\/\" target=\"_blank\" rel=\"noopener\" title>restoring SALT<\/a> deductions, often criticized by fiscal hawks as a tax break for the rich, but one that has bipartisan support, especially among members from high-tax states such as New York.<\/p>\n<p>His suggestion to restore the state and local tax reductions signals a major reversal from his economic agenda four years ago. His signature Tax Cuts and Jobs Act, commonly referred to as the &ldquo;Trump tax cuts,&rdquo; reduced the SALT deduction to $10,000, frustrating lawmakers in New York and California in particular.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><\/strong><\/a><\/p>\n<p>He has promised to <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/presidential\/3152067\/trump-announces-new-plan-end-overtime-taxes\/\" target=\"_blank\" rel=\"noopener\" title>eliminate income taxes on overtime pay<\/a> and <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/presidential\/3154823\/trump-tax-giveaways-harris-working-class-pitch\/\" target=\"_blank\" rel=\"noopener\" title>end taxes<\/a> on Social Security benefits. Trump also announced a &ldquo;no tax on tips&rdquo; plan in June.&nbsp;<\/p>\n<p>From the start of his campaign, Trump has pledged to stand firm on his 2017 Tax Cuts and Jobs Act. More than 80% of taxpayers <a href=\"https:\/\/www.taxpolicycenter.org\/model-estimates\/individual-income-tax-provisions-tax-cuts-and-jobs-act-tcja-february-2018\/t18-0026\" target=\"_blank\" rel=\"noopener\" title>received<\/a> tax cuts through the TCJA, which lowered most individual income tax rates. The legislation expires next year.&nbsp;<\/p>\n<\/div>\n<p> <script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1764649\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1764649\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trump may face challenges with his proposed temporary cap on credit card interest rates. The former president stated that if he returns to the White House, he would implement a temporary limit on credit card interest rates during a rally in Long Island, New York. He emphasized the need for this measure to help working Americans manage their finances amid rising debt levels, suggesting a cap of around 10%. &#8220;We can&#8217;t allow them to charge 25% or 30%,&#8221; he declared, receiving applause from the crowd.<\/p>\n<p>However, Trump did not provide details about who would qualify for this policy or how long it would be in effect. The Trump campaign has not commented further on the proposal. While a president may lack the authority to enforce such a policy independently, Congress has previously attempted similar actions. For instance, Senator Josh Hawley (R-MO), an ally of Trump\u2019s, introduced legislation last year aimed at capping credit card interest rates while criticizing government bailouts for large banks amidst growing consumer debt.<\/p>\n<p>Critics from conservative groups argue that such measures could lead to price controls and negatively impact lower-income borrowers by favoring those with better credit ratings. Earlier this year, when the Biden administration sought to reduce late fees on credit cards, federal courts halted those efforts.<\/p>\n<p>Trump&#8217;s focus on credit card issues comes as he seeks support in traditionally Democratic areas like New York. He urged voters there to consider his candidacy against rising crime and inflation: &#8220;What do you have to lose?&#8221; Notably, no Republican presidential candidate has won New York in four decades; current polls show Vice President Kamala Harris leading significantly.<\/p>\n<p>Many voters are grappling with significant credit card debt\u2014about 60% of Americans carry such debt while nearly half have less than $500 saved according to GOBankingRates data. Credit card interest rates have surged this year; currently averaging around 30%, up from 24% in 2021 according to Bankrate&#8217;s study.<\/p>\n<p>In addition to addressing high-interest rates on credit cards recently announced by Trump as part of his economic agenda are proposals like restoring SALT deductions\u2014a tax break often criticized but supported by many lawmakers from high-tax states\u2014and eliminating income taxes on overtime pay and Social Security benefits. His previous tax reform law had capped SALT deductions at $10,000 which frustrated many lawmakers particularly from states like New York and California.<\/p>\n<p>Throughout his campaign so far, Trump has reiterated commitments made under his Tax Cuts and Jobs Act (TCJA) which benefited over 80% of taxpayers by lowering individual income tax rates; however that legislation is set to expire next year<\/p>\n","protected":false},"author":3142,"featured_media":2343864,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/DJT.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[41328,10680,41329,3634],"class_list":["post-2343863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-credit-card-interest-rates","tag-finance","tag-temporary-cap","tag-trump"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/DJT.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2343863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3142"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2343863"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2343863\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2343864"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2343863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2343863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2343863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}