Trump’s 10 percent cap on credit cards may hurt more than some imagine

Bankers argue that the proposal is often framed as consumer‑friendly, but consumers could face reduced access to affordable credit.
Some 47 percent of credit cardholders report having a credit card balance, according to a new survey by Bankrate.com. About 1 in 5 debtors don’t think they’ll ever pay it off.
President Donald Trump’s call for putting a one-year, 10 percent cap on credit card rates certainly catches the eye — and no surprise, has caught the wrath of bankers.
Consumers are fed up with the outrageously high interest rates being charged on their credit cards. Banking experts say 10 percent is way too low to keep lending to riskier consumers with weak credit histories.
In his speech to the Detroit Economic Club on Tuesday, Jan. 13, at the MotorCity Casino Hotel, Trump called