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Credit Card Interest Rates by Command

Truth Social: Please be informed that 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, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY! 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%. 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

Understanding Credit Card Risk

It is unclear whether credit card companies will comply. What is clear is Trump has no legal authority to make this demand.

But if credit companies comply with this illegal order, rates will drop, but so will availability of credit.

Credit is priced by risk. Credit card companies will not take losses just to please the would-be dictator making these economically-illiterate demands.

Banks Respond to Proposed Cap on Credit Card Interest Rates

The Bank Policy Institute writes Banks Respond to Proposed Cap on Credit Card Interest Rates

“We share the President’s goal of helping Americans access more affordable credit. At the same time, evidence shows that a 10% interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards, the very consumers this proposal intends to help. If enacted, this cap would only drive consumers toward less regulated, more costly alternatives. We look forward to working with the administration to ensure Americans have access to the credit they need.”

You might think that banks are operating in their own self interests. And you would be correct.

However, their response is accurate. Banks will curtail credit rather than take losses.

The credit card industry is very competitive. People can shop around for the best rates and transfer balances. That would end.

Trump Sounds Like Biden and Kamala Harris on Price Gouging

Mercy! Check This Out

Trump Truth Detail Link: I have asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving up the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation. We will always protect our American Ranchers, and they are being blamed for what is being done by Majority Foreign Owned Meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply. Action must be taken immediately to protect Consumers, combat Illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People. I am asking the DOJ to act expeditiously. Thank you for your attention to this matter!

On November 8, 2025, I commented Hoot of the Day: Trump Sounds Like Biden and Kamala Harris on Price Gouging

Who Does Trump Sound like?

• Joe Biden – November 17, 2021: In a Hypocritical Letter to the FTC, Biden Accuses Oil Companies of Illegal Price Gouging
• Nancy Pelosi – May 12, 2022: House Speaker Pelosi Seeks Price Controls and a Ban on ‘Excessive’ Gasoline Prices
• Bernie Sanders, AOC, and Trump – September 23, 2024: Trump Proposes a Cap on Credit Card Interest, So Do AOC and Bernie
• Kamala Harris – September 27, 2024: Ridiculous Answers from Harris and Trump Regarding Food Costs
• Elizabeth Warren – April 15, 2025: Trump’s FTC Head Talks Just Like Elizabeth Warren

Communist Price Controls

Please recall my August 26, 2024 post The Ridiculous Grocery Gouging Discussion vs the One We Should Have

The Harris campaign’s proposal, unveiled as part of her first big economic policy speech, has become a focal point for her presidential rival, Donald Trump, and fellow Republicans, who claim she’s pushing “communist price controls.”

While much in Harris’ price gouging plan remains vague, a central piece is simply a call for Congress to pass the first-ever federal ban on price gouging in the food and grocery sectors, which largely mirrors legislation reintroduced by Sen. Elizabeth Warren (D-Mass.) earlier this year.

Understanding the Cult

Trump now is leading the pack on price gouging investigations and declaring interest rates by executive order.

MAGA was against these ideas when Warren and AOC wanted them. Now, like lemmings following Trump over a cliff, MAGA supports them.

At least Warren wanted to curtail credit card rates by passing a law. Trump wants to do it by communist mandate.

Trump was right to label these “communist price controls.” But now that he wants them, the cult is fully supportive.

What’s next? Rent control?

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