Trump’s Proposed Cap on Card Rates Could Crimp Access to Credit, Says Wells Fargo

Core Viewpoint - The proposed cap on credit card rates at 10% by President Trump could negatively impact economic growth and credit availability for Americans [1][2] Group 1: Economic Impact - The cap on credit card rates is intended to address voter concerns about the cost of living but may hinder access to credit [1] - Analysts indicate that implementing this cap could lead banks to reduce services for lower-income credit card customers [1] Group 2: Access to Credit - Concerns have been raised about the affordability issues faced by families, emphasizing the need for access to credit from regulated banks [2] - A significant impact on credit availability is anticipated across a wide spectrum of individuals if the cap is enforced [2]