Trump’s call for 10% credit-card cap aims at banks’ crown jewels

Banks have long argued unsecured card debt needs a high rate because of the inability to cushion losses when borrowers default: There’s no house or car to repossess. Indeed, after the financial crisis, charge-off rates on credit cards soared north of 10%, while those on residential real estate loans stayed below 3%.In contrast, the rate on a typical 30-year fixed mortgage — another familiar consumer product — is just above 6%, according to Freddie Mac data.For cash-strapped consumers who rely on cards for e ...