President Donald Trump reiterated last week his call to temporarily limit credit card interest rates. But experts say consumers already have a powerful way to get better rates — improve their credit score.
“I’m asking Congress to cap credit card interest rates at 10% for one year, and this will help millions of Americans save for a home,” Trump said Wednesday during a speech at the World Economic Forum in Davos, Switzerland.
Analysts say it’s unlikely Congress will act on this.
After Trump first called for a rate cap earlier this month, analysts at policy research and political forecasting firm Capital Alpha Partners put the odds of a 10% cap becoming law at 10% to 15%. “We haven’t seen anything since then that would prompt us to increase those odds,” Ian Katz, a managing director at Capital Alpha Partners, wrote in a research note Wednesday.
Here’s a look at more stories on how to manage, grow and protect your money for the years ahead.
