Just ahead of President Donald Trump's announcement that he would cap credit card interest rates at 10%, adviser Dick Morris told Newsmax on Friday that he also favors setting the limit at 10%.
"It's squarely in Trump's target range when he talks about affordability," Morris said on "Rob Schmitt Tonight."
"These poor folks are paying 28.3% interest on credit card debt they've racked up," he added.
To celebrate the first anniversary of his second inauguration, Trump said Friday night on his Truth Social account that he wants a one-year cap on credit card interest rates at 10%.
"Please be informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration," Trump wrote.
"AFFORDABILITY!
"Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%.
"Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration.
"Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN! PRESIDENT DONALD J. TRUMP."
Morris said the credit card companies are all incorporated in Delaware, which enables them to raise rates as high as they want.
"It's time that the federal government step in and cap these rates at 10%," Morris said.
"It would also drive a lot of money into the economy, too," he added.
Capping credit card interest rates would have a huge impact on housing purchases, decrease the homeless population, and make things more affordable overall, Morris said.
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Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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