Trump's Credit Card Rate Cap Plan Faces Unclear Path and Devastating Risks, Bank Insiders Say

Trump's credit card rate cap plan has unclear path, 'devastating' risks, bank insiders say

The plan, which aims to cap credit card interest rates at 10%, has been met with skepticism by bank insiders who warn that it could have devastating consequences for the industry.

According to a report by CNBC, the plan would make large swaths of the credit card industry unprofitable, especially for customers with less-than-ideal credit.

Bank insiders say that a 10% rate cap would be a 'devastating' blow to the industry, and that it could lead to job losses and reduced lending.

The plan has been met with opposition from the banking industry, with many arguing that it would stifle competition and drive up costs for consumers.

The Federal Reserve has also expressed concerns about the plan, with some officials warning that it could have unintended consequences for the economy.

Despite the opposition, Trump has vowed to push forward with the plan, which he says will help to protect consumers from high-interest rates.

However, bank insiders say that the plan is a 'recipe for disaster' and that it could have far-reaching consequences for the industry.

Sources

[10] Trump's credit card rate cap plan has unclear path, 'devastating' risks, bank insiders say