With your profile, you can access this information without paying anything with your Fox News consideration, as well as exclusive access to selected articles and other premium content. By submitting your email address and pressing continue, you agree to Fox News ‘ Terms of Use and Privacy Policy, which includes our Notice of Financial Incentive. Please provide a valid email target. By submitting your email address and pressing continue, you agree to Fox News ‘ Terms of Use and Privacy Policy, which includes our Notice of Financial Incentive. Having problem? Visit here. Sen. Bernie Sanders, I-Vt., said he will push for legislation that would cap credit card interest rates to 10 %, something that Donald Trump, the president-elect, had previously said he wanted to do for a brief period of time while campaigning. Donald Trump proposed a 10 % cap on credit card interest rates during the most recent promotion. Great thought. ‘ Be patient and find results’ is a phrase Trump used to describe as the “temporary seal on credit card interest prices” while fighting in New York before defeating Vice President Kamala Harris. ” We’re going to cap it at around 10 %. We can’t allow them to “make 25 and 30 %”” Republicans hammer bird for federal death row reprietures before leaving officeTrump characterized the temporary policy as a way to assist Americans as they” catch up.” The amount of credit card debt held by Americans rose to$ 1.17 trillion in the third quarter of 2024, per MarketWatch. Lending Tree data revealed that, according to MarketWatch, the average credit card interest rate was 24.4 % in December. Transition director Karoline Leavitt told Fox News Digital in a statement that the president-elect also intends to implement this plan after he debuted it in September,” The American people re-elected President Trump by a spectacular ratio giving him a mission to adopt the promises he made on the plan road.” He will deliver” .Sanders ‘ office did not answer whether the cap in his policy would be temporary, as Trump said, when asked for comment by Fox News Digital. Despite Trump’s support for a temporary cover, Republicans have frequently opposed policies that may harm firms and limit the presence of credit cards. In fact, Tim Scott, a top Trump supporter and incoming chairman of the Senate Banking Committee, R-S. C., was a staunch defender of efforts made during the Biden management to impose stricter penalties on late fees and more manage the credit card industry. Senate passes a bill to prevent late payments, sending it to PRESIDENT BIDEN’S DESKCLICK HERE TO GET THE FOX NEWS APPEarlier this year, Scott claimed that the administration’s proposed 10 % interest rate cap would “decrease the accessibility of credit card products for those who need it most, increase rates for many consumers who carry a balance but paid on time, and increase the likelihood of late payment across the board.”