Trump proposes 10% credit card rate cap: pros & cons
President Trump has proposed capping credit card interest rates at 10% APR for a year.The cap could help borrowers, but experts analysts warn limited access.
LiveNOW's Austin Westfall spoke about the pros and cons of the proposal with Andrew Keshner from MarketWatch.
FASTER PAY OFF:
If you're carrying a credit card balance of $5,000 and paying 24% interest, then $100 in interest is being tacked onto your balance every month. If you make $150 monthly payments, it would take you 4 years and 8 months to pay it off, totaling $3,322 in interest.
If the interest rate is 10%, your monthly interest would be reduced to $42 per month. That could help borrowers pay off the debt faster. Making the same $150 monthly payments, it would take 3 years and 4 months to pay off, and total $882 in interest.
LIMITED ACCESS:
Some credit card analysts say a 10% cap on rates could lead banks not to issue credit cards to consumers with lower incomes and credit scores.
WHAT COMES NEXT:
Experts say President Trump would not be able to cap rates using an executive order. It would have to be passed by Congress, though some Democrats already support the idea.
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