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Donald Trump has declared war on the abusive practices of credit card companies, announcing through his platform Truth Social a temporary cap of 10 % on interest rates for a full year, effective as of January 20, 2026.
This measure seeks to protect millions of American families from what Trump describes as a scam perpetrated by these entities, which have raised their rates to exorbitant levels of 20 % to 30 % during the disastrous period of Joe Biden in the White House.
This initiative is a great for reversing the damage caused by leftist policies that prioritized uncontrolled spending and galloping inflation over the well-being of the working people.
Under the Biden administration, credit card interest rates skyrocketed, reaching an average of 21.5 % in 2024, according to data from the Federal Reserve Bank, exacerbated by inflation that reached peaks of 9 % in 2022.
This escalation was not an accident, but the direct result of Democratic policies that injected trillions in unnecessary stimuli, increasing the national debt and forcing the Fed to raise base rates to contain the crisis.
While the elites in Washington enjoyed their privileges, middle-class families struggled with crushing debts, paying thousands in annual interest for basic needs like gasoline and groceries.
Trump, faithful to his promise of «America First», directly accuses Biden of allowing these companies to «scam» the public, raising rates that were more moderate during his first term, when the economy was growing at record rates before the pandemic.
The Trump plan is clear and pragmatic: a 10 % limit on interest to give immediate relief to consumers, coinciding with the first anniversary of his return to power.
This is not permanent, but an emergency measure to stabilize the economy and force the banks to reform their predatory practices. This could save American households up to $150 billion in interest, boosting consumption and growth without resorting to socialist subsidies.
In contrast, leftist policies, with their emphasis on suffocating regulations and bailouts to failed corporations, only aggravated inequality, benefiting Wall Street while the average American suffered.
This action resonates with Trump’s legacy of combating the financial system, recalling his previous efforts to reduce taxes and deregulate to foster prosperity.
Banks and liberal critics are already opposing it, arguing that it could reduce available credit, but the reality is that current rates are unsustainable and reflect the greed unleashed under Biden.
Despite the criticisms the truth is that this is a defense of the true free market, not the chronic capitalism that flourished with the Democrats.
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About The Author
Joana Campos
Joana Campos es abogada y editora con más de 10 años de experiencia en la gestión de proyectos de desarrollo internacional, enfocada en la sostenibilidad y el impacto social positivo. Anteriormente, trabajó como abogada corporativa. Egresada de la Universidad de Guadalajara.
