rates

Jan. 10 (UPI) — If President Donald Trump has his way, credit card companies will limit their respective interest rates to no more than 10% for a year to make them more affordable.

Trump took to social media to call on all credit card companies to voluntarily lower their interest rates for one year, starting this month, to promote affordability.

“Please be informed that we will no longer let the American public be ‘ripped off’ by credit card companies that are charging interest rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration,” Trump said in a Truth Social post on Friday.

“AFFORDABILITY! Effective January 20, 2026, I, as president of the United States, am calling for a one-year cap on credit card Interest Rates of 10%,” he said, adding that Jan. 20 is the one-year anniversary of his second term in office.

The Federal Reserve reported a record-high average annual percentage rate of nearly 23% and rising in 2023, the now-defunct Consumer Financial Protection Bureau said.

That’s up from an average APR of 16.4% in 2021 and 20.4% in 2022, according to the Federal Reserve.

While the average APR rate rose significantly under the Biden administration, Trump last year eliminated the Biden administration policy that limited credit card fees to no more than $8.

The average fee previously was $32 for late credit card payments and other fee-triggering activities.

NEW YORK — Reviving a campaign pledge, President Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.

Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place by Jan. 20, marking one year since his return to the White House.

Strong opposition is certain from Wall Street and the credit card companies, which donated heavily to his 2024 campaign and to support his second-term agenda.

“We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote on his Truth Social platform.

Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back.

Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards, according to the Federal Reserve and other industry tracking sources. That has come down in the last year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s.

Trump’s administration, however, has proved particularly friendly until now to the credit card industry.

Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office. His administration killed a Biden-era regulation that would have capped credit card late fees.

In a joint statement, the banking industry opposed Trump’s proposal.

“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives,” the American Bankers Assn. and allied groups said.

The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea.

Sen. Roger Marshall (R-Kan.), who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to [rein] in greedy credit card companies who have been ripping off hardworking Americans for too long.”

Legislation in both the House and the Senate would do what Trump is seeking.

Sens. Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) released a plan last February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure.

Hours before Trump’s post, Sanders noted that the president, rather than working to cap interest rates, had taken steps to deregulate big banks that allowed them to charge much higher credit card fees.

Reps. Alexandria Ocasio-Cortez (D-N.Y.) and Anna Paulina Luna (R-Fla.) have proposed similar legislation. Ocasio-Cortez is a frequent political target of Trump, while Luna is a close ally of the president.

Sweet and Kim write for the Associated Press and reported from New York and West Palm Beach, Fla., respectively.

From slaving away in a steamy kitchen, to entertaining endless family members – it’s fair to say Christmas can be pretty relentless for many parents. 

These women, however, say they’ve found the perfect solution: swapping home for a Butlin’s mini-break over the festive period. And it costs A LOT less than you might imagine.

‘Going to Butlin’s guarantees Christmas will be extra special for the kids’

TEACHER Kim Heath’s lucky kids have holidayed around the globe, but their favourite place to go is down-to-earth Butlins.

Kim, 36, has enjoyed Christmas Day with a difference at the traditional UK holiday camp for the past few years – and her youngsters wouldn’t have it any other way. 

She celebrates the occasion with husband Graham, 38, kids Olivia-Belle, nine, and Grayson, four, and members of their extended families. 

Kim told The Sun: “Olivia-Belle has been to places like Dubai, Sydney and the Caribbean and we’ve even been to Lapland.

“But she loves Butlin’s because the family are together and everyone’s going to be having fun.”

Butlins was once a top holiday destination for UK families but it’s fair to say its reputation has ebbed and flowed in more recent years. 

Kim added: “A lot of our friends say they can’t believe we go to Butlin’s but if you’ve got kids and want to make sure they have an extra special Christmas, it’s magical.

“You can do as much or as little as you like, you can even go swimming on Christmas Day.

“It’s just a really nice place to be.”

The family from Caerphilly, South Wales, are able to save money on the annual festive break thanks to Kim’s father-in-law, who owns an eight-berth caravan at Butlin’s Minehead, Somerset. 

She said: “Nowadays, just going to the local farm to meet Santa with the kids can cost £70 whereas at Butlins it’s all included in the site fee, and we’re lucky enough to have the caravan to sleep in.

“My house isn’t big enough for everybody, you’d have to try and squeeze everybody in but this way no-one has to be on their own on Christmas night.

“My mum’s friend stayed with us last year and we’ve met up with other family and friends who are staying separately too.”

Last year, Kim and relatives enjoyed a Christmas Eve visit to Santa’s Grotto at the resort and there’s usually a pantomime on offer on the big day itself. 

She said: “On Christmas Day, we open presents and then we dive into the activities.

“Everybody’s in a really good mood and everything is open on Christmas Day so you’ll never hear your children say they’re bored.” 

When it comes to the big Christmas Dinner, that comes in buffet form.

“Nobody’s really expected to cook,” explained the Butlin’s fan, who lives two and a half hours away from her favourite coastal resort. 

“There is no pressure, there’s no one person at home spending the day cooking in the kitchen.

“We’ve travelled around the world, but Butlin’s is so easy – it’s all planned out for you and the children have big smiles on their faces. 

“We’ve always had a really lovely time.” 

Butlin’s Minehead opened in 1962 and is the largest of the holiday park’s resorts, accommodating up to 7,500 guests in its chalets and apartments. 

Facilities on offer include an amusement park and vintage fairground. 

Until earlier this month, four-night stays were still available at Minehead Butlin’s from £199.

“The parks really go to town at Christmas”

The first of the chain’s parks to open in 1936 was Butlin’s Skegness, where mum-of-two Anita Workman, her software engineer husband Dave, and their kids Grant, seven, and Iris, five, have enjoyed Christmas Day. 

The family makes the three-hour journey to Butlins Skegness multiple times a year, with Anita finding the resort has extra sparkle during the festive season. 

“Butlins is our happy place,” said the stay-at-home mum. 

“Your children are only children for a short time, especially when it comes to the magic of Christmas. 

“They have the best time of their lives when we go.”

They first made the decision to spend Christmas Day at Butlin’s a few years ago, after Anita’s mother-in-law sadly passed away.

Unable to face an empty seat at their Christmas Dinner table, the family from Bolton, Lancs, opted for their favourite holiday destination instead.

“We had only ever done home Christmases before and we decided to shake things up because it would have been really obvious Dave’s mum wasn’t there,” she says. 

“Looking back, it provided more than that. 

“The kids loved all the shows. I took them to a local pantomime once, and they were disappointed because it didn’t compare to the Butlins one.

“We loved the fireworks on Christmas Eve too.”

The family enjoyed Christmas Dinner in the site’s main restaurant, which is served buffet style and offers turkey and all the trimmings, plus much more besides.

She said: “If you want to have a traditional dinner on the big day, it’s going to be there but if you fancy something random, that’ll probably be there too.

“Fussy kids can enjoy pizza, chicken nuggets or fish fingers.

“There are crackers on the tables, with Christmas hats to wear. They really go to town.”

Less traditionally, the family’s Christmas Day at Butlin’s was also filled with shows, swimming and fairground rides. 

The Workmans opt for premium dining and accommodation when they stay at the park and Anita appreciates the special effort the famous Butlin’s Redcoats make with her children – particularly with Grant, who has autism. 

Known for their distinctive red jackets, the frontline staff’s main roles are to host families and provide entertainment. 

Magician Stephen Mulhern, the late Des O’Connor and Ian ‘H’ Watkins of Steps fame are among the celebrities who launched their career in showbiz working as a Redcoat. 

She said: “The Redcoats can’t be underestimated, they are awesome.

“We like to get into a venue early for a show and they will come and sit and play card games with the kids to entertain them.

“It sounds like something so minor, but it can mean so much to them.”

Up until earlier this month, four-night deals were still available at Butlin’s Skegness from £195.