Trump declares war on soaring credit card interest rates

President Donald Trump announced a sweeping new affordability measure aimed at American consumers, proposing in a pair of Truth Social media posts on Friday dramatic changes to credit card interest rates – and touting his second term in the White House as “historic and very successful.”

“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,” Trump wrote, adding that such practices “festered unimpeded during the Sleepy Joe Biden Administration."

"AFFORDABILITY!” he declared.

The president continued by laying out the specifics of his new proposal. “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%,” Trump said. He added: “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.”

Moments later, Trump followed up with a second post focused on housing costs and mortgage rates while continuing to praise his MAGA administration.

“Mortgage Rates are NOW 5.7%!” Trump claimed on Friday. “Mortgage costs were HUGE under Biden (around 8%). That’s why almost no young families could afford a home.”

Trump said that’s because of his own actions as president, writing: “With my focus on Housing Affordability, and after I authorized Fannie Mae and Freddie Mac to invest their cash, and BUY $200 Billion Dollars in Mortgage Bonds, Mortgage Rates moved down to 5.7%.”

He called the change “GREAT news for American Families, and real cost relief. We are bringing Housing Costs DOWN, and putting Americans FIRST!”