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CBSNews.com reports that Trump has floated a 10% credit card interest rate cap. So here's what this could mean for consumers.

So Trump came out and basically was like, hey. On truth, social. So this was not like an executive order. This is just him on social media. And he's saying credit card companies should just max their interest rates at 10% because now we can go, I mean, as high as 36%, right? So it's in the 20s. I mean, like, it is wild. It is wild.% APR right now. Yeah, so it is pretty wild where it is.

All right. So here's what this could do. Vanderbilt research found that a 10% cap would save

Americans $100 billion a year in interest. I mean, think about that. The nation is $1.2 trillion

in credit card debt. That's wild. So 10% means the credit card companies will only make

$120 million off consumers this year from the interest alone. Yeah. That's not swipe fees. That's not

annual fees. So let's do the math. You've got a $5,000 balance. You'd pay about $42 a month in

interest at 10%. But at 24%, which is closer to the average, $100 a month.

So that really would help a lot of Americans who are struggling with this credit card debt.

Yeah, but the reality is...

Let's go to reality now.

But reality is, he can't do that.

You can't just truth it into existence.

Nor should he.

This is when presidents decide in free market economies to start

doing things like this and forcing free markets to do things. You get Venezuela, you get Cuba.

So everybody just needs to understand this all sounds good until you look at the constitutionality of it. Is it a free market

policy? That's first point. But I tell you what came to mind when I first saw this. As you guys know,

I play a lot of pickleball. I play for three hours tonight. Thankfully, my knees are in good shape.

But the knee analogy came to mind when I heard this. If someone has a torn meniscus, you can get away

with not having surgery, and you might put a knee brace on. And the knee brace is somewhat helpful.

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