Could two political opposites join forces for a common cause? It seems like it! Senator Bernie Sanders is urging President-elect Donald Trump to work with him on capping skyrocketing credit card interest rates.
Sanders, a longtime advocate for fair lending practices, has a bold plan: introduce legislation to cap credit card interest rates at 10%. Interestingly, Trump floated a similar idea during his campaign, saying it would help Americans overwhelmed by debt. On social media, Sanders chimed in: “During the recent campaign Donald Trump proposed a 10% cap on credit card interest rates. Great idea. Let’s see if he supports the legislation that I will introduce to do just that.”
It sounds promising, right? But not everyone is convinced. Experts like Matt Schulz from LendingTree warn that such a cap could shake up the banking world. Banks might respond by tightening credit or scaling back rewards programs.
Then there’s the trust factor. Some consumer advocates, like Chi Chi Wu from the National Consumer Law Center, are skeptical about Trump’s commitment. Wu pointed out that Elon Musk, a Trump ally, recently posted “Delete CFPB” on X, calling for the removal of the very agency that protects consumers.
So, will Trump back Sanders on this bold move, or is this just talk? Either way, Americans saddled with debt are watching closely—and hoping for real action.
What do you think? Could this unexpected duo deliver a win for consumers?
