Republican presidential nominee Donald Trump floated a 10% temporary cap on credit card interest rates, a move that would allow “working Americans to catch up.”
Trump introduced the plan at a campaign rally in Uniondale, New York, on Wednesday night. The average interest rate on credit cards was 21.5% earlier this year, according to the Federal Reserve, around the highest levels in a decade.
“While working Americans catch up, we’re going to put a temporary cap on credit-card interest rates,” Trump said at the rally. “We can’t let them make 25 and 30 percent.”
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