In September 2024, Donald Trump, then the Republican nominee for president, promised to cap credit-card interest rates at around 10%. Today, the average credit-card APR stands at a historically elevated 19.6%. Mortgage rates are also at levels not seen since the turn of the century. These rates are only likely to rise further, as interest rates typically increase within months of federal-funds rate hikes, like the one that just happened last month.
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