By Miguel Mike Medina
Photo Credit: Getty Images
President Donald Trump’s call for a 10% cap on credit card interest rates sent shares of financial firms tumbling as major banks released their earnings.
Credit card debt is an increasingly heavy burden for millions of Americans. According to Federal Reserve data, in November, Credit card interest rates reached as high as 22 percent.
Bank executives are not happy with Trump’s proposal. They let it be known that they disagree with his decision-making and have been vocal about it. Many of these bank executives think it is asinine.
Interest charges are a source of revenue for banks. One of the banks that might take the situation into its own hands, such as legal action, is JPMorgan. Citigroup is another bank that’s being critical of this situation.
Many families are struggling to pay down thousands of dollars in debt. Being in credit card debt is a hassle. Many people feel that Trump’s 10 percent credit card rate is a step in the right direction. Will the proposal work? Is it going to build momentum? We will see as time goes on.
Miguel Mike Medina is the publisher of The MMM Journal. He can be reached at medinamiguelmike@gmail.com and themmmjournal@gmail.com
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