DEDHAM, Mass. — President Donald Trump suggested credit card interest rates should be capped at 10%. In a recent social media post, he said banks “ripping people off” with rates around 20 to 30%.
This week, Massachusetts Senator Elizabeth Warren said she’d be willing to work with the President to create this cap. So, does this make sense? And is there a consumer benefit, long-term?
Professor Robert Murphy, chair of the economics department at Boston College, joined Kerry Kavanaugh on Boston 25 News Now at 3 p.m. to talk about how feasible the proposal really is and what some unintended consequences could come as a result.
This is a developing story. Check back for updates as more information becomes available.
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