{"id":2532442,"date":"2026-01-10T23:36:02","date_gmt":"2026-01-11T04:36:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-launches-plan-to-protect-americans-from-getting-ripped-off-by-credit-card-companies\/"},"modified":"2026-01-10T23:38:00","modified_gmt":"2026-01-11T04:38:00","slug":"trump-launches-plan-to-protect-americans-from-getting-ripped-off-by-credit-card-companies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-launches-plan-to-protect-americans-from-getting-ripped-off-by-credit-card-companies\/","title":{"rendered":"Trump Launches Plan to Protect Americans from Getting &#8216;Ripped Off&#8217; By Credit Card Companies"},"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\">28<\/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-launches-plan-to-protect-americans-from-getting-ripped-off-by-credit-card-companies%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=2532442&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>President Donald Trump announced on social media that, effective January 20, 2026, he is calling for a one-year cap on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/credit-card-interest-rates-reach-all-time-high\/\" title=\"... Card Interest ... Reach All-Time High\">credit card interest rates<\/a> at 10%, framing teh move as a response to high rates under the Biden administration. Banking trade groups &#8211; including the Bank Policy Institute, American Bankers Association, Consumer Bankers association, Financial Services Forum adn Autonomous Community Bankers of America &#8211; condemned the proposal, saying it would reduce credit availability and push consumers to higher\u2011cost, less regulated alternatives. The 10% cap has bipartisan backing in Congress from Sen. Josh Hawley and Sen. Bernie Sanders; Hawley publicly supported Trump&#8217;s plan. Critics, such as investor Bill Ackman, warned that a strict cap coudl cause issuers to cancel cards for higher\u2011risk customers, forcing them to seek predatory lenders, though Ackman later acknowledged the goal of lowering rates is worthwhile and suggested boosting competition and regulatory reform instead. The discussion comes amid about $1 trillion in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/americans-paid-record-high-130-billion-in-credit-card-interest-and-fees-amid-fed-rate-hikes\/\" title=\"... paid a staggering 0 billion in ... card interest and fees due to increased Federal Reserve ....\">outstanding credit card debt<\/a> in the U.S., and banks have publicly denounced the proposal as potentially damaging to consumers and small businesses.  <\/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\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?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<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><script>console.log(\"ad slot (REP_0)\")<\/script><\/p>\n<p>President Donald Trump is calling for a massive reduction in credit card interest rates.<\/p>\n<p>&ldquo;Please be informed that we will no longer let the American Public be &lsquo;ripped off&rsquo; by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration,&rdquo; Trump posted Friday on <a href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/115868132990949589\" target=\"_blank\" rel=\"noopener\"><\/a>, adding &ldquo;AFFORDABILITY!&rdquo;<\/p>\n<p>&ldquo;Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,&rdquo; Trump posted.<\/p>\n<p>&ldquo;Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN! PRESIDENT DONALD J. TRUMP,&rdquo; he wrote.<\/p>\n<p>Banks banded together to denounce the idea, according to <a href=\"https:\/\/www.washingtonpost.com\/politics\/2026\/01\/10\/trump-credit-card-interest-cap\/\" target=\"_blank\" rel=\"noopener\">The Washington Post<\/a>.<\/p>\n<p> <script type=\"text\/javascript\"> \t\t\tif ( getCookie( \"ff_subbed\" ) ) { \t\t\t\tdocument.getElementById(\"stnvideo\").remove() \t\t\t} else { \t\t\t\tdocument.addEventListener(\"DOMContentLoaded\", function() { \t\t\t\t\tfunction loadScript(src) { \t\t\t\t\t\tconst script=document.createElement(\"script\"); \t\t\t\t\t\tscript.src=src; \t\t\t\t\t\tscript.async=true; \t\t\t\t\t\tdocument.body.appendChild(script); \t\t\t\t\t} \t\t\t\t\tfunction findPreviousParagraph(selector, x) { \t\t\t\t\t\tconst targetElement=document.querySelector(selector); \t\t\t\t\t\tif (!targetElement) { \t\t\t\t\t\t\tconsole.warn(\"Target element not found.\"); \t\t\t\t\t\t\treturn null; \t\t\t\t\t\t}  \t\t\t\t\t\t\/\/ Get all <\/p>\n<p> elements in order as they appear in the document \t\t\t\t\t\tlet paragraphs=Array.from(document.querySelectorAll(\"p\"));  \t\t\t\t\t\t\/\/ Find the index of the last <\/p>\n<p> before the target element \t\t\t\t\t\tlet targetIndex=paragraphs.findIndex(p=> p.compareDocumentPosition(targetElement) & Node.DOCUMENT_POSITION_PRECEDING);  \t\t\t\t\t\tif (targetIndex===-1 || targetIndex <x) { \t\t\t\t\t\t\tconsole.warn(\"Not enough paragraphs before the target element.\"); \t\t\t\t\t\t\treturn null; \t\t\t\t\t\t}  \t\t\t\t\t\treturn paragraphs[targetIndex - x]; \t\t\t\t\t}  \t\t\t\t\t\/\/ Set up IntersectionObserver \t\t\t\t\tfunction observeElement(element) { \t\t\t\t\t\tif (!element) return;  \t\t\t\t\t\tconst observer=new IntersectionObserver( \t\t\t\t\t\t\t(entries)=> { \t\t\t\t\t\t\t\tentries.forEach(entry=> { \t\t\t\t\t\t\t\t\tif (entry.isIntersecting) { \t\t\t\t\t\t\t\t\t\tconsole.log(\"Paragraph is now visible:\", entry.target.textContent.trim()); \t\t\t\t\t\t\t\t\t\tloadScript(\"https:\/\/embed.sendtonews.com\/player3\/embedcode.js?fk=s28Az7AY\"); \t\t\t\t\t\t\t\t\t\tobserver.disconnect(); \t\t\t\t\t\t\t\t\t} \t\t\t\t\t\t\t\t}); \t\t\t\t\t\t\t}, \t\t\t\t\t\t\t{ threshold: 0.5 } \/\/ Adjust threshold as needed \t\t\t\t\t\t);  \t\t\t\t\t\tobserver.observe(element); \t\t\t\t\t}  \t\t\t\t\t\/\/ Find the 1st paragraph before #stnvideo and observe it \t\t\t\t\tlet paragraphToObserve=findPreviousParagraph(\"#stnvideo\", 2); \t\t\t\t\tobserveElement(paragraphToObserve); \t\t\t\t}); \t\t\t} \t\t<\/script> <\/p>\n<p>The Bank Policy Institute, American Bankers Association, Consumer Bankers Association, Financial Services Forum, and Independent Community Bankers of America issued a joint statement saying a cap &ldquo;would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards.&rdquo;<\/p>\n<p>&ldquo;If enacted, this cap would only drive consumers toward less regulated, more costly alternatives,&rdquo; the statement said.<\/p>\n<p>A 10 percent cap was proposed last year by Republican Sen. Josh Hawley of Missouri and Independent Sen. Bernie Sanders of Vermont.<\/p>\n<p>&ldquo;Fantastic idea. Can&rsquo;t wait to vote for this,&rdquo; Hawley <a href=\"https:\/\/x.com\/HawleyMO\/status\/2009805062315352218\" target=\"_blank\" rel=\"noopener\">posted on X<\/a> following Trump&rsquo;s post.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Fantastic idea. Can&rsquo;t wait to vote for this <a href=\"https:\/\/t.co\/VcGy9fDZiU\">https:\/\/t.co\/VcGy9fDZiU<\/a><\/p>\n<p>&mdash; Josh Hawley (@HawleyMO) <a href=\"https:\/\/twitter.com\/HawleyMO\/status\/2009805062315352218?\">January 10, 2026<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Washington Post noted that credit card debt stands at $1 trillion.<\/p>\n<p>Bill Ackman, CEO of Pershing Square Capital Management, said a cap would lead to cards being canceled, according to <a href=\"https:\/\/ca.finance.yahoo.com\/news\/mistake-president-bill-ackman-responds-220613097.html\">Yahoo Finance<\/a>.<\/p>\n<p>&ldquo;This is a mistake President,&rdquo; Ackman wrote in an X post he later deleted.<\/p>\n<p>&ldquo;Without being able to charge rates adequate enough to cover losses and to earn an adequate return on equity, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bernie-sanders-announces-legislation-to-codify-trumps-great-campaign-proposal\/\" title=\"Bernie Sanders Announces Legislation to Codify ...&#039;s &#039;Great&#039; Campaign Proposal\">credit card lenders<\/a> will cancel cards for millions of consumers who will have to turn to loan sharks for credit at rates higher than and on terms inferior to what they previously paid.&rdquo;<\/p>\n<p>Ackman issued a revised post on Saturday.<\/p>\n<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\">&ldquo;I think President <\/span><span class=\"r-18u37iz\">@realDonaldTrump<\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\">&rsquo;s goal of reducing credit card interest rates is a worthy and important one. My concern about capping rates at 10% is that doing so will inevitably cause millions of Americans to have their cards cancelled as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/credit-card-companies-make-big-announcements-about-pornhub-following-horrifying-claims\/\" title=\"... Card Companies Make Big Announcements About Pornhub Following Horrifying Claims\">credit card companies<\/a> lose the ability to <a href=\"https:\/\/amzn.to\/3YuVZYV\" >adequately price subprime credit risk<\/a>,&rdquo; he wrote.<\/span><\/p>\n<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\">&ldquo;Consumers denied credit cards will be forced to turn to loan sharks whose rates and terms will be vastly worse for borrowers. While 20% or more is a high rate, loan sharks can charge multiples of these rates, and the cost of default can be physical harm or worse,&rdquo; he continued.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">I think President <a href=\"https:\/\/twitter.com\/realDonaldTrump?\">@realDonaldTrump<\/a>&rsquo;s goal of reducing credit card interest rates is a worthy and important one. My concern about capping rates at 10% is that doing so will inevitably cause millions of Americans to have their cards cancelled as credit card companies lose the&hellip;<\/p>\n<p>&mdash; Bill Ackman (@BillAckman) <a href=\"https:\/\/twitter.com\/BillAckman\/status\/2009968946372329972?\">January 10, 2026<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\">&ldquo;I have no investments in the credit card space so I am not the expert, but the market for credit cards appears highly competitive. The best way to bring down rates would be to make it more competitive by making the regulatory regime more conducive to new entrants and new technologies,&rdquo; Ackman wrote.<\/span><\/p>\n<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\">&ldquo;I commend the President for his focus on affordability for all Americans. Mortgage spreads and rates are coming down significantly due it his actions. Finding a way to bring down credit card rates without taking credit away from many Americans would have a very positive impact on the most disadvantaged Americans,&rdquo; he added.<\/span><\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> \t\t\t\t\t\t<label>* Name<\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"name\" required> \t\t\t\t\t<\/div>\n<div class=\"sc--field\"> \t\t\t\t\t\t<label>* <\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"\" required> \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t<label>* Message<\/label> \t\t\t\t\t<br \/> \t\t\t\t\t<textarea name=\"message\" required><\/textarea> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> \t\t\t\t\t<input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\"> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> \t\t<script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! 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