🔹 Major bank stocks and credit card companies like Citi, JPMorgan, Wells Fargo, Bank of America, Visa, Mastercard, American Express, and Capital One all declined after President Trump proposed capping credit card interest rates at 10% for one year, expected to start from January 20. Capital One alone dropped more than 6%.

🔹 Banking industry experts believe that a 10% cap will make many credit card business segments unprofitable, especially for customers with low credit scores. This could lead to tighter credit, reduced benefits, and account closures, forcing consumers to seek other borrowing options with higher interest rates.

🔹 However, from a consumer protection perspective, this proposal stems from the fact that the current average credit card interest rate is around 19.7%, while Americans' total credit card debt has reached $1.23 trillion, indicating increasing financial pressure on households.