by J.R. Duren at Independent
The president’s rattled the stock market Monday, with some bank and card issuer stocks falling anywhere from 3 percent to 10 percent in pre-market trading…
President Donald Trump has proposed a stunning change to Americans’ finances, calling for “a one year cap on Credit Card Interest Rates of 10%” on social media platform Truth Social last Friday, before doubling down on the plan while speaking to reporters on Air Force One Sunday.
While there’s no telling how an interest-rate cap would work – and if it’s even possible – a 10 percent rate would have a significant impact on the amount of interest a consumer would pay over the course of a year.
The president’s rattled the stock market Monday, with some bank and card issuer stocks falling anywhere from 3 percent to 10 percent in pre-market trading, according to The Wall Street Journal.
Super savings
The average credit card interest rate is 22.30 percent for those that accrue interest (some cards don’t charge interest for a certain period of time as part of a promotion for new customers), according to the latest figures from the Federal Reserve’s consumer credit data…
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