So, here's what happens if/when Trump forces banks to lower credit card interest rates...

[PeaceWave]

Those high rates aren't there simply to pump up bank profits. The revenue from those high rates also covers anticipated defaults. Can high rates themselves lead to defaults? Yes, of course. But, if you aren't paying your full balance by the due date, then you along with the bank are participating in digging the hole you eventually find yourself in.

All of this said, if/when Trump forces banks to lower credit card interest rates, the response of the banks will be to immediately scrutinize all accounts deemed to be at a higher risk of default. As such, if you have a lower credit score (think sub 700), if your debt to credit ratio is deemed high (think 50+% of your credit limit being used) or if your reported income is deemed low relative to your existing credit limit, the banks will move to either cancel your card(s), limit your card(s) credit limit or boost your card(s) minimum payment due. For many folks, one or more of these moves by a credit card company can create an immediate financial hardship.

Feel free to say NO, none of this will happen and that everything will be hunky-dory. Some of us remember the kind of stunts credit card companies pulled during the "Great Recession" when they felt their bottom lines being threatened by revenues not being able to keep up with defaults.