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national interest rate ceilingCNBC
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83% Informative
Trump 's call to cap credit card interest rates to 10% may have unintended consequences, experts say.
"Access to credit would dry up," says Ted Rossman , a senior industry analyst at Bankrate .
The average interest rate on credit cards is currently over 20% , with some cards charging as much as 36% APR .
Even if Trump were in the White House , he would not have the authority to cap interest rates.
Financial experts on both sides of the debate expressed concerns that a 10% interest rate cap could backfire on consumers.
One argument is that if banks were to see a dramatic reduction in the interest rates they were permitted to charge all credit card holders, they would respond by limiting the number of higher-risk consumers to whom they agreed to issue credit cards.
"The unintended consequence would be that access to credit would dry up," one expert says.
VR Score
85
Informative language
84
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51
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