President Trump is calling for a one-year, 10% cap on all credit card interest rates beginning on January 20, warning financial institutions that they would be “in violation of the law” and subject to “very severe things” if his demand isn’t met (1). That said, don’t rush to tap that plastic for a new big screen TV or designer duds just yet.

Currently, the average credit card interest rate is nearly 23% — so a 10% cap would be a significant change. Experts say it's not as simple as the president says.

The average mortgage refinance rate on a 30-year term is now 6.75%, as of January 8, 2026, according to Zillow. The median refi rate for a 15-year term increased overnight, moving from 5.50% to 5.72%. So there may be some limited but valuable opportunities for current homeowners with these new options.

Reviving a campaign pledge, President Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.

In a widely anticipated move, the Federal Reserve voted earlier this month to lower the federal funds rate by a half point. For the first time since the sharp COVID recession four years ago, the Fed saw enough signs of a weakening economy to lower interest ...

Interest is one of the ways lenders make their money, and it’s what makes it worth it for them to give out loans. If you’re borrowing money, interest is the cost the bank charges you for the service. On the flip side, if you’re stashing your money in ...

Learn how to negotiate a lower credit card interest rate and save money. Discover simple techniques to reduce your balance faster and become debt-free.

CHICAGO (WLS) -- Interest rates affect your finances in several ways. Craig Bolanos is a financial expert with Wealth Management Group. He joined ABC7 Thursday morning with four things you need to do before the Fed raises interest rates. Step 1: First, you ...