Dominique BroadwayFounder & CEO, Finances Demystified · Turning Knowledge Into Generational Wealth

👀What yall think about this 10% cap?

Name: 👀What yall think about this 10% cap?
Uploaded: 2026-01-12T21:28:21+00:00
Duration: 1 min 21 s
Channel: Dominique Broadway
Description: In this YouTube commentary, the presenter breaks down former President Donald Trump's proposal to cap credit‑card interest rates at 10% for one year…

12 Jan 2026 · 1 min

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1:21

In this YouTube commentary, the presenter breaks down former President Donald Trump's proposal to cap credit‑card interest rates at 10% for one year starting January 20. He outlines the scale of U.S. credit‑card debt (about $1.23 trillion) and current average APRs exceeding 20%, illustrating the potential savings for a $10,000 balance (roughly $1,000 per year). The video then shifts to industry reaction: banks warn they could close 14 million accounts if the cap passes, while SoFi’s CEO welcomes the change, citing a market gap for personal loans that can carry rates up to 35% APR. The presenter argues that regardless of the cap, consumers may simply move from one high‑cost product to another, and invites viewers to share their opinions on the policy.

Chapters

Trump just called for a 10% cap on credit card interest rates. Here's what you need to know. So right now, Americans owe $1.23 trillion in credit card debt, the highest that it has ever been. Average credit card interest rates are over 20%, so some of you guys are paying 25% to 30% plus. Now, if you have $10,000 in debt at 25%, you're paying $2,500 a year just in interest, and Trump wants to cap that at 10% for 1 year starting January 20th, and that would save you over $1,000 a year. But here's what's actually happening. So banks are saying that they will cancel 14 million accounts if this actually passes. And get this, the SoFi CEO literally said that he hopes it passes because that creates a void that SoFi personal loans are well positioned to fill. So their personal loan rates are up to 35% APR. So essentially you're just moving from one expensive product to another, hopefully, if you could even get approved. You see the game, right? So whether it's 10%, 25%, or 35%, you're still paying somebody a lot of money. And just let me know in general in the comments, like, what do you think about this 10% cap? Are you excited for it, or you think it's not a good idea?