BALTIMORE — President Donald Trump called on credit card companies to cap interest rates at 10% by January 20. Several weeks later, cardholders haven’t seen a change. But if you want a lower credit card interest rate, all you have to do is ask.
According to a LendingTree survey, cardholders who did saw an average drop of nearly 7 percentage points. And if the answer is no, there are other ways to ask for a break.
“The average interest rate is between 19 and 20 percent among all cardholders,” said Thomas Nitzsche, a financial educator with Money Management International.
But for people seeking debt help, rates are often much higher.
“The average client that we’re working with comes to us with about a 28 percent interest rate at the time…