Photographer: Samuel Corum/Getty Images President Donald Trump said that credit-card lenders would be “in violation of the law” if they don’t heed his call to cap interest rates at 10% for one year. Trump, speaking Sunday to reporters on Air Force One as he returned to Washington from Florida, doubled down on his demand that card issuers lower interest rates to 10% and keep them there for one year. He set a Jan. 20 deadline for compliance. Most Read from Bloomberg If the rates have not been capped by ...

President Donald Trump on Friday called for credit-card companies to cap the interest rates they charge customers, as the president leans harder into addressing consumers' affordability concerns. ...

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 ...