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One thing Trump and Sen. Bernie Sanders both agree on

With American credit card debt at an all-time high, President-elect Donald Trump has said he will cap credit card interest rates at 10%, an idea that Senator Bernie Sanders (D-Vt.) agrees with. "Millions of working-class Americans who are struggling to keep their heads above water are paying outrageously high interest rates on their credit cards. Over half the American people who take out new credit cards are being charged interest rates of over 24%," Sanders said during Trump's Treasury Secretary pick Scott Bessent's testimony to the Senate Finance Committee, part of Bessent's confirmation hearing. "During his campaign, President-elect Trump promised that he was going to cap credit card interest rates at 10%," Sanders continues. "I happen to think that that is a very good idea, and I will soon be introducing legislation to do just that." The senator asked Bessent, "Trump said he wants to cap credit card interest rates at 10%. I agree with him. Will you be supportive of what Trump and I would like to do?" The Treasury Secretary nominee responded, "When President Trump takes office, and if I am confirmed, I will follow what President Trump wants to do." Watch Scott Bessent's confirmation hearing here and stay up to date with all the market news and economic data with Yahoo Finance. This post was written by Naomi Buchanan.