Dimon is shown at the 56th annual World Economic Forum meeting last week, where he criticized Trump's proposed 10 per cent cap on credit card interest rates. The average U.S. credit card interest rate was 23.79 per cent in January, according to the online financial marketplace LendingTree. 'Economic disaster'Trump has been under pressure to act on the affordability promises made during his 2024 presidential campaign, which included a credit card rate cap as a means of tackling rising household debt . Warren has argued in favour of capping interest rates on credit cards, having recently written in a letter to the Consumer Financial Protection Bureau that credit borrowers are paying interest rates far higher than needed to cover any default losses. "When large financial institutions charge over 25 per cent interest on credit cards, they are not engaged in the business of making credit available.

Source: CBC News January 27, 2026 18:55 UTC