Senator Warren Criticizes President Trump for Failing to Cap Credit Card Interest Rates
WASHINGTON, D.C. — More than 400 days into his second term, President Donald Trump has yet to fulfill a key campaign promise to cap credit card interest rates at 10%, a move that could save American families hundreds of dollars annually. Senator Elizabeth Warren, a leading progressive voice on economic issues, sharply criticized the president on February 23, 2026, for what she calls a “broken promise” that continues to leave consumers vulnerable to high credit card fees.
During his 2024 campaign, Mr. Trump pledged to lower costs for everyday Americans “on day one” by imposing a one-year 10% cap on credit card interest rates. The policy was touted as a way to provide immediate financial relief to millions of families struggling with debt amid rising costs for groceries, housing, and electricity. However, despite a public announcement on January 9, 2026, urging major banks to voluntarily adopt the cap, no binding action has been taken.
“The president’s January 20 deadline has come and gone, and no one is surprised that the big banks have not voluntarily cut credit card rates to help American families,” Senator Warren said in a statement broadcast on Fox News. She emphasized that the failure to act has real consequences: the average American with credit card debt could save approximately $900 a year if the cap were enforced, and collectively, families would save around $100 billion. These savings could provide much-needed breathing room for households and strengthen the broader economy.
Consumer advocates and economists alike have underscored the urgency of capping credit card interest rates. According to data from the Consumer Financial Protection Bureau, credit card interest rates remain among the highest forms of consumer debt, often exceeding 20%. This places a heavy burden on families already grappling with inflationary pressures.
Last Friday, the Supreme Court delivered a setback to the administration by ruling against the president in a case involving the illegal diversion of funds from working families, further fueling criticism of his economic policies. Polls conducted by the Pew Research Center reveal growing public dissatisfaction, with many Americans feeling the administration is not doing enough to alleviate the rising cost of living.
While President Trump is expected to highlight his economic record in the upcoming State of the Union address, critics like Senator Warren argue that the reality on the ground tells a different story. “His policies are forcing Americans to pay more for everything,” she said, urging the administration to move beyond rhetoric and implement tangible measures to reduce credit card costs.
The call for a credit card interest rate cap is not new. The Federal Reserve and other regulatory bodies have long debated the merits of interest rate limits to protect consumers from predatory lending practices. Yet, without executive action or legislation, the status quo remains unchanged.
As the debate continues, millions of American families remain caught in a cycle of high-interest debt. The question now is whether President Trump will follow through on his promise or leave consumers to bear the financial strain alone.
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