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On Friday, Donald Trump made two announcements aimed at easing the financial burden for millions of families, stating that mortgage rates have already dropped to 5.7% and announcing that he will propose a cap of 10% on credit card interest rates for one year, starting January 20, 2026.
The president made the announcements on his social media platform Truth Social, where he stated that during Joe Biden's administration, mortgage rates hovered around 8%, which, he claimed, excluded many young families from the housing market.
Trump attributed the alleged decrease in rates to his "affordable housing" policy and to the authorization for Fannie Mae and Freddie Mac to invest up to $200 billion in mortgage bonds.
"This is great news for American families and a true relief from costs," Trump wrote in a message that aims to reinforce his narrative of economic recovery and contrast with the previous administration.
His announcement regarding credit cards has generated even more controversy. Trump stated that he will not allow Americans to continue being "scammed" by companies that charge interest rates of 20% to 30%, and he announced that he will seek a cap of 10% for one year. However, he did not explain how he plans to implement the measure or how he would force banks to comply.
Media outlets such as The Guardian and CNBC emphasized that the president cannot impose such a limit without the approval of Congress, a fact that has already been pointed out by key figures like Democratic Senator Elizabeth Warren.
"Requesting that credit card companies behave is a joke," said Warren, who recalled that Trump has tried to undermine the Consumer Financial Protection Bureau.
The announcement comes at a delicate time, as credit card debt in the United States surpassed $1.17 trillion in 2024, a record figure that particularly impacts working-class families.
It is no coincidence that senators from both parties, such as Bernie Sanders and Republican Josh Hawley, have pushed for bills to limit interest rates, although so far they have been unsuccessful due to strong opposition from banking groups.
Criticism has also emerged from the financial sector. Investor Bill Ackman, a supporter of Trump, warned that a 10% cap could lead to a massive cancellation of credit cards, particularly affecting consumers with subprime credit.
Banking associations, for their part, warned that the measure would reduce the availability of credit and push users toward more expensive and less regulated alternatives.
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