One of President-elect Donald Trump’s bolder campaign promises was a temporary cap on consumers’ credit card interest rates at 10 percent “while working Americans are trying to catch up.”
Now progressive members of Congress such as Bernie Sanders and Elizabeth Warren have stepped forward, wanting to work with Trump on this initiative. Meanwhile, credit card issuers oppose the idea, saying that it will result in a restriction on consumers’ access to credit.
NTD spoke with Ted Rossman, senior industry analyst at Bankrate, for his perspectives on credit card rates and access should the government impose caps.