marko - whiteboard finance: trump's credit card interest rate cap: how it impacts your debt

Get free life insurance quotes from America's top insurers and start saving today with Policygenius: Thanks to Policygenius for sponsoring this video! I want to talk about something thats been getting a lot of attention lately. The idea that starting January 20th, credit card interest rates could be capped at 10 percent for one year. On the surface, that sounds incredible. And honestly, it explains why this idea is resonating so much right now. People are feeling squeezed. Everyday costs are still high. Groceries, insurance, housing, childcare. Even people who are doing well feel the pressure. But heres the reality. The president didnt say hes doing this. He said hes calling for it. Thats not an executive order and its not legally enforceable without Congress passing a law. Similar proposals have been introduced before and theyve gone nowhere. Now lets talk about why this matters. Americans are sitting on over 1.2 trillion dollars in credit card debt, with average interest rates north of 20 percent. A 10 percent cap would absolutely help people who are already stuck carrying balances. Lower interest means less money burned every month just to tread water. But heres the part that matters most to me. Credit cards are not a solution. Theyre a symptom. Theyre a short term tool to smooth cash flow, not a long term fix for affordability. And if the end result is people feeling more comfortable carrying balances, were actually moving in the wrong direction. The real goal isnt cheaper debt. The real goal is not needing debt at all. Using credit cards as a tool, paying them off every month, and keeping a zero balance whenever possible. Because the cheapest interest rate youll ever pay is still zero. MY FAVORITE TOOLS & RESOURCES Join My Private Community: Get My Home Affordability Spreadsheet: $5 FREE Bitcoin (River): Ledger - Store Your Bitcoin The Right Way: MY OTHER SOCIALS: Instagram - ABOUT ME My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, finance major, and entrepreneur. This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience. Subscribe if you are interested in: #finance #StockMarket #Investing DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments. AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.