What happened to Trump’s promise of a 10% cap on credit card interest rates?

President Trump is demanding a 10% cap on credit card interest rates to slash record debt. Current APRs exceed 21%, costing Americans billions. Trump set a January 20, 2026, deadline for banks to comply voluntarily, but most lenders refused. Now, he is urging Congress to pass a one-year federal law. While this "horseshoe" alliance with progressives could save consumers $100 billion, banks warn it may force millions of card cancellations.