Trump’s call for cap promises to save Americans billions in interest but also can lead to tightened access to credit. The card industry warns that many people, especially those with lower incomes and lower credit scores, would lose access to credit cards.
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What 10% credit-card rate cap would mean for your wallet
“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives,” said the American Bankers Association and other industry groups in a joint statement.
