President Trump says he wants to cap credit card interest rates at 10% for a year by Jan. 20. CBS News business analyst Jill Schlesinger breaks down if the president has the ability to cap rates and what it would mean for you.

Capital One Financial Corp., American Express Co. and shares of other US banks sank after President Donald Trump called on credit-card companies to cap interest rates at 10% for a year, a move that could wipe out billions in profits for one of the banking industry’s biggest businesses.

Americans' debt loads are at record highs, resurfacing a decadeslong debate on how to prevent companies from maximizing profit at consumers' expense.

U.S. banks and financial institutions on Monday pushed back against President Donald ‌Trump's proposed cap on credit card interest rates, citing new data that showed it would result in millions of American households and small businesses losing access to credit.

President Donald Trump said that credit-card lenders would be “in violation of the law” if they don’t heed his call to cap interest rates at 10% for one year.

Stocks in a range of financial companies fell after President Trump called for credit-card interest rates to be capped at 10% for a year, in his latest attempt to address voters' affordability concerns.

With credit card interest rates near modern highs, President Trump says he wants to cap the rates for one year.

Big US banks hoped Donald Trump would help them make ever bigger profit. Now he is going after the best part of their business. On Friday, the US president vowed to cap credit card interest rates at 10 per cent,