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President Trump has proposed a one-year 10% cap on credit card interest rates effective January 20. Credit card companies are actively opposing this measure, warning of severe consequences such as reduced access to credit for high-risk borrowers and the potential elimination of rewards programs. Industry groups argue that lower rates would not cover the risks associated with lending, forcing issuers to tighten approval standards significantly. While the proposal aims to provide financial relief to consumers, the industry predicts it could lead to a contraction in available credit and higher fees to offset lost interest revenue.
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