Even if Trump did manage to deliver on a credit card interest rate cap, 80% of voters say he would need to do more to show he’s serious about lowering costs
Today, as Trump’s policies continue to increase costs, Groundwork Collaborative and Protect Borrowers released a new Data for Progress poll showing strong, bipartisan support for efforts to cap credit card interest rates at 10%. After hearing common bank lobby talking points, nearly two-thirds of voters across party lines still favor a 10% interest rate cap, even if it would result in rewards programs being reduced or credit card eligibility being tightened.
The survey also revealed that credit cards are a critical lifeline for Americans struggling amidst the unprecedented affordability crisis and rising cost of living, finding that nearly half of respondents are not paying their full balance off each month—paying sky-high interest charges to credit card banks as a result. The survey looked at the spending habits of these voters, finding that large shares take on high-rate credit card debt to pay for household necessities like rent and utilities, as well as items hit by President Trump’s tariffs, like groceries. The numbers are even more pronounced among those who do not pay their balance off in full each month, nearly half of whom have used credit cards to pay off other debts.
While the Trump administration has recently renewed its call to cap credit card interest rates, polling finds Americans are split on whether they believe Trump will use his leverage over Congress to actually get it passed. Even if the ban did pass, four in five voters (80%) say that Trump will need to do more to show he is serious about actually addressing affordability, including 69% of Republicans. As voters demand bold action to lower prices, President Trump spent his first year back in office doing the opposite. Trump’s tariffs cost families an additional $1,000 in 2025 while his One Big Beautiful Bill Act took funding from federal programs that help Americans make ends meet to pay for tax breaks to billionaires and large corporations. At the same time, the Trump administration gutted the Consumer Financial Protection Bureau, allowing corporate profiteering to go unpunished while banks raked in billions in profits off credit card late fees. It is clear that the priorities of working families are being ignored by this administration.
Groundwork’s Executive Director, Lindsay Owens, shared her reaction:
“Americans are desperate for relief from crushing credit card rates, and they don’t see Trump’s proposed cap as proof he’s serious about or focused on lowering costs. As the president’s policies continue to push prices higher for working families, he must do far more to repair the economic damage he’s caused.”
Protect Borrowers’ Executive Director, Mike Pierce, shared his reaction:
“Trump campaigned as a populist but has governed as a banker—giving giant credit card banks a free pass to gouge working people, even as America’s affordability crisis spirals out of control. Today’s poll shows that working people are going into credit card debt just to keep up—paying sky-high interest rates to pay for rent, healthcare, and groceries. A bipartisan supermajority of Americans are not buying bank lobbyists’ spin—if President Trump were serious about making American life more affordable, he would cap credit card rates now and begin to prioritize working families, not billionaires.”
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About Groundwork Collaborative
Groundwork Collaborative is an economic think tank fighting to reshape economic policy and narratives in order to build public power, break up concentrations of corporate influence, and deliver true opportunity and prosperity for all. Part communications shop, part think tank, and part issue advocacy organization, Groundwork pairs rigorous research with strategic advocacy to advance policies that make the economy work for everyone, not just those at the top.
Learn more at groundworkcollaborative.org or follow on Twitter at @groundwork.
About Data for Progress
Data for Progress is a progressive think tank and polling firm which arms movements with data-driven tools to fight for a more equitable future. DFP provides polling, data-based messaging, and policy generation for the progressive movement, and advises campaigns and candidates with the tools they need to win. DFP polling is regularly cited by The New York Times, The Washington Post, MSNBC, CBS News, and hundreds of other trusted news organizations.
Learn more at dataforprogress.org or follow DFP on Twitter at @dataprogress.
About Protect Borrowers
Protect Borrowers (formerly Student Borrower Protection Center) is a nonprofit organization led by a team of experts, lawyers, and advocates fighting to build an economy where debt doesn’t limit opportunity. We investigate financial abuses, take predatory companies to court, and push for policies to protect working people from debt traps. We aim to deliver immediate relief to families while building power, driving systemic change, and fighting for racial and economic justice.
Learn more at protectborrowers.org or follow us on social @BorrowerJustice.