Krasnov To Impose Mandatory 10% Maximum Interest On Credit Cards

[gab13by13]

This is supposed to happen this January 20th. Anyone who does not obey Krasnov will be prosecuted.

First of all, this is illegal, second of all, I'm not so sure this is going to help the people in need.

Credit card companies will restrict who gets a card. The working class family with a thin credit file, the young person just starting out, the person rebuilding after a setback may be denied cards.

That's what credit card companies are saying so I take that with a grain of salt, but it sounds plausible.

I'm 78, retired, on a fixed income, I pay cash for everything, maintain no debt so I don't have skin in the game. I only have 3 credit cards and I always pay the balance off.

Curious what people think, will this 10% rate only benefit well off people?

[kimbutgar]

1. I'm still waiting on my $2000 tariff relief check

And he can’t do this by edict! It’s another fodder for his stupid magaloons.

[leftstreet]

7. Plus the $5k from Musk's DOGE

Where's our money?

[Jerry2144]

2. He doesn't have the power

This would have to be implemented via a law passed by Congress. Hoo’s executive orders only apply to executive branch people. He could order DoJ to try to prosecute companies who don’t obey the order, but even the Korrupt Korpulent korpolite’s DoJ can’t charge violating a nonexistent law

[Happy Hoosier]

3. Prosecuted for what, exactly?

This POS has delusions of granduer.

[AloeVera]

4. It likely won't benefit the real poor.

I bet there are conditions in the "fine print" that would punish late payors or those exceeding a percentage of their credit limit. Guess who those would be?

Another scenario is that absolutely credit card companies will tighten who they give credit to. That will leave the poorest of the poor at the mercy of payday and other predators.

[GenThePerservering]

5. He'll forget he said that

Just like he forgot about the $2000 checks. It's just a sham, anyway.

[AZJonnie]

6. There's nearly a 0% chance this actually happens

Just some bullshit populism IQ47 wants his dipshit cultists to believe he *wanted* to do for them. When it fails to happen, he'll say "well we tried but they wouldn't let us do it!" to direct the public's ire towards an ephemeral "them", instead of himself re: why they're all in such financial straits.

It's gaslighting, IOW, just like the DOGE checks were (and almost everything else that asshat and his regime say).

[gab13by13]

9. He did put a date on it,

Of course by January 20th he will honestly have no recollection of it, with his dementia.

[Thunderbeast]

8. This threatened executive order reminds me....

...of his threat to require the NFL to return to the old kickoff rules. The new rule does not display enough pain, violence, and injury for his liking.

[Fiendish Thingy]

10. Where did you get the idea that anyone would be prosecuted?

Unless congress passes a law with penalties and an enforcement mechanism, nobody is going to be prosecuted for ignoring another idiotic Trump EO.

The banking lobbyists will be flooding the halls of congress with checks for whoever commits to voting NO. We already seen in the past few weeks that fewer and fewer republicans are intimidated by Trump, and won’t be bullied into joining the Dems in supporting this bill (which hasn’t even been drafted or introduced in the banking committee yet)

[gab13by13]

13. From Krasnov,

He said it.

[Fiendish Thingy]

20. And you believed him?

You might want to chat with James Comey and Leticia James about how those rushed impulsive prosecutions turned out.

And they were charged with violating actual laws, not an unenforceable executive order.

[mr715]

11. Elizabeth Warren was behind this nt

[Prairie Gates]

17. Credit card rates are usurious and we should cap them by regulation

if the credit card companies are worried about default, they can deny people cards or cut their limits.

Obviously, Trump isn't going to magically reduce rates to 10% (which is significantly less than most non-intro rates across the board), but wanting an actual law that caps credit card interest rates for carried balances is completely reasonable and a totally progressive agenda item.

[John1956PA]

12. Trump, Musk and Vought effectively dismantled the CFPB.

The Consumer Financial Protection Bureau shielded bank customers from predatory practices by banks, such as failing to sequence deposits so as to prevent overdraft fees. The destruction of the CFPB will create hardship for lower income citizens. Trump, with his hypocritical, meaningless executive order, is lying to lower income citizens that he is fighting for them. If he is ever questioned as to why credit card interest rates did not come down, he will blame it on the Democrats.

[Bettie]

14. It's a shakedown

he wants those companies to give him cash gifts, once they do that, he'll back off the threat.

It's all open, blatant, criminality.

[Greg_In_SF]

15. Senator Elizabeth Warren

a long-time advocate for capping credit card interest rates, received a call from Trump after she delivered a speech on affordability. During their conversation, she emphasized the need for immediate action to help families struggling with high costs. Warren has been critical of Trump's past inaction on this issue, stating, "No more delays. It's time to deliver relief for American families."

[unblock]

16. If he actually did this, banks would destroy him in a flash.

He's a) desperate to find an appeal to boost his popularity among disenchanted magats, b) shaking down banks into paying him off to not go through with it and c) distracting from Epstein files.

He's only in power because rich bastards think they'll get even richer. If he actually screws over banks, he's toast.

[dalton99a]

18. JPMorgan Chase says banks could fight Trump credit card rate cap: 'Everything's on the table'

https://www.cnbc.com/2026/01/13/trump-credit-card-rate-cap-jpmorgan-chase-banks-fight.html
JPMorgan Chase says banks could fight Trump credit card rate cap: ‘Everything’s on the table’

[jmowreader]

19. The credit card company CEOs will be over by noon tomorrow...

…to throw that idiot off the roof.

A 10 percent interest rate will kill the credit card industry. Back when usury rates existed they were all above that, and that was 40 years ago.