Northern Michigan — no stranger to wild weather — tries to cope with days of no power

The tip of Michigan's mitten struggled through another day without electricity Tuesday as restless residents tried to stay warm while utilities scrambled to restore power in a region waylaid by weekend freezing rain that brought down countless trees and poles.

Schools in several counties were closed again at the top of the Lower Peninsula. Sheriff's deputies armed with chain saws cleared roads and were even delivering oxygen for the homebound. Drivers idled their vehicles in gas station lines that were blocks long.

Northern Michigan lives with crazy weather — Gaylord got 199 inches (5 meters) of snow this winter — but this wave is much different.

“It's an ice situation. The trees and power lines are loaded, literally,” Charlevoix County Sheriff Chuck Vondra said. "Everything is caving in."

More than 170,000 power outages were reported statewide Tuesday night in Michigan, according to poweroutage.us, down from 300,000-plus earlier in the week. But in some areas, entire communities have been without electricity since Saturday.

The Cheboygan County sheriff said residents should consider leaving town if they have another place to stay. Running on generators, Petoskey City Hall and part of Odawa Casino were turned into 24-hour havens for people to warm up and charge phones. Gov. Gretchen Whitmer said she was sending the Michigan National Guard to help with restoration efforts.

“The challenge is the debris, impassable roads, and hundreds of downed poles. Each pole takes hours to replace,” said Presque Isle Electric & Gas Co-op, one of many utilities in the region

Petra Tank, 32, of Petoskey said she finally decided to drive 25 miles (40 kilometers) to a friend's home for warmth and a shower Monday.

“I realized, ‘Oh, this is a big deal. We’re not going to be back at work this week,’” said Tank, who has a tailor shop.

“We've been sitting ducks for three days without power, and the morale is officially starting to lower because our homes are only getting colder. … It's just kind of free-for-all,” she told The Associated Press.

The Alpena News in Alpena couldn't publish a newspaper Monday or Tuesday, but it planned to finally have a print edition Wednesday. Managing Editor Torianna Marasco said she posted stories online by traveling outside the area for internet access.

The Mackinac Bridge, a 5-mile (8-kilometer) span connecting Michigan’s two peninsulas, has been closed at times because of thick ice falling from towers and cables.

A relief agency, Convoy of Hope, was loading trucks with food and water for a trip to northern Michigan, said Mike Way, pastor of Center Point Assembly church in Charlevoix.

“Everybody right now is on pins and needles. It's my understanding that more snow and ice are coming," Way said. ”We're not out of the woods yet."

The staff at Tom's Family Market in Onaway used flashlights to help desperate customers find food in a pinch.

“Don’t tell the governor," owner Bryan Madison told The Detroit News, "but we ain’t collecting tax.”

Associated Press writer Tammy Webber contributed to this report.

Piper Kuzel, 5, watches her father, Jesse Kuzel of Charlevoix, Mich., fill gas containers at the Ellsworth Farmers Exchange Tuesday, April 1, 2025, in Ellsworth, Mich., as his family has been using heat from their home's natural gas stove to keep warm with power outages widespread following the ice storm. (Jan-Michael Stump/Traverse City Record-Eagle via AP)

Sgt. Mitch Wallin of the Emmet County Sheriff's Department walks past ice-coated trees as he and Sgt. Tyler Midyett, not pictured, clear branches from along Eppler Road in Petoskey, Mich, Tuesday, April 1, 2025, as cleanup from the weekend's ice storm continues. (Jan-Michael Stump/Traverse City Record-Eagle via AP)

A crew from 5H Irrigation and Maintenance clears downed limbs from yards in Petoskey, Mich., Tuesday, April 1, 2025, as clean up from the weekend's ice storms continues across northern lower Michigan. (Jan-Michael Stump/Traverse City Record-Eagle via AP)

An Antrim County Road Commission crew clears branches and trees hanging near Atwood Road from ice build up Tuesday, April 1, 2025, near Ellsworth, Mich., following weekend storms that deposited as much as one inch of ice over areas of northern lower Michigan. (Jan-Michael Stump/Traverse City Record-Eagle via AP)

Sgt. Tyler Midyett of the Emmet County Sheriff's Department works along with Sgt. Mitch Wallin, not pictured, to clear fallen trees from along Eppler Road in Petoskey, Mich., Tuesday, April 1, 2025, as cleanup from the weekend's ice storm continues. (Jan-Michael Stump/Traverse City Record-Eagle via AP)

Debris and ice-covered trees cover Curtisville Road that turns into Ausable Valley River Road in Oscoda County, Mich. on Tuesday, April 1, 2025. (Kaytie Boomer /The Bay City Times via AP)

This aerial view shows ice-covered trees off of Eggleston Road and Curtisville Road in Oscoda County, Mich. on Tuesday, April 1, 2025. (Kaytie Boomer /The Bay City Times via AP)

This aerial view shows ice-covered trees off of Eggleston Road and Curtisville Road in Oscoda County, Mich. on Tuesday, April 1, 2025. (Kaytie Boomer /The Bay City Times via AP)

Debris and ice-covered trees cover Curtisville Road that turns into Ausable Valley River Road in Oscoda County, Mich. on Tuesday, April 1, 2025. (Kaytie Boomer /The Bay City Times via AP)

NEW YORK (AP) — Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.

Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office.

Strong opposition is certain from Wall Street in addition to the credit card companies, which donated heavily to his 2024 campaign and have supported Trump's second-term agenda. Banks are making the argument that such a plan would most hurt poor people, at a time of economic concern, by curtailing or eliminating credit lines, driving them to high-cost alternatives like payday loans or pawnshops.

“We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote on his Truth Social platform.

Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back.

About 195 million people in the United States had credit cards in 2024 and were assessed $160 billion in interest charges, the Consumer Financial Protection Bureau says. Americans are now carrying more credit card debt than ever, to the tune of about $1.23 trillion, according to figures from the New York Federal Reserve for the third quarter last year.

Further, Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards according to the Federal Reserve and other industry tracking sources. That has come down in the past year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%.

The Republican administration has proved particularly friendly until now to the credit card industry.

Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office.

In a joint statement, the banking industry was opposed to Trump's proposal.

“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives," the American Bankers Association and allied groups said.

Bank lobbyists have long argued that lowering interest rates on their credit card products would require the banks to lend less to high-risk borrowers. When Congress enacted a cap on the fee that stores pay large banks when customers use a debit card, banks responded by removing all rewards and perks from those cards. Debit card rewards only recently have trickled back into consumers' hands. For example, United Airlines now has a debit card that gives miles with purchases.

The U.S. already places interest rate caps on some financial products and for some demographics. The Military Lending Act makes it illegal to charge active-duty service members more than 36% for any financial product. The national regulator for credit unions has capped interest rates on credit union credit cards at 18%.

Credit card companies earn three streams of revenue from their products: fees charged to merchants, fees charged to customers and the interest charged on balances. The argument from some researchers and left-leaning policymakers is that the banks earn enough revenue from merchants to keep them profitable if interest rates were capped.

"A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim. That’s because the few large banks that dominate the credit card market are making absolutely massive profits on customers at all income levels," said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator, who wrote the research on the industry's impact of Trump's proposal last year.

There are some historic examples that interest rate caps do cut off the less creditworthy to financial products because banks are not able to price risk correctly. Arkansas has a strictly enforced interest rate cap of 17% and evidence points to the poor and less creditworthy being cut out of consumer credit markets in the state. Shearer's research showed that an interest rate cap of 10% would likely result in banks lending less to those with credit scores below 600.

The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea.

Sen. Roger Marshall, R-Kan., who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to reign in greedy credit card companies who have been ripping off hardworking Americans for too long."

Legislation in both the House and the Senate would do what Trump is seeking.

Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., released a plan in February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure.

Hours before Trump's post, Sanders said that the president, rather than working to cap interest rates, had taken steps to deregulate big banks that allowed them to charge much higher credit card fees.

Reps. Alexandria Ocasio-Cortez, D-N.Y., and Anna Paulina Luna, R-Fla., have proposed similar legislation. Ocasio-Cortez is a frequent political target of Trump, while Luna is a close ally of the president.

Seung Min Kim reported from West Palm Beach, Fla.

President Donald Trump arrives on Air Force One at Palm Beach International Airport, Friday, Jan. 9, 2025, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)

FILE - Visa and Mastercard credit cards are shown in Buffalo Grove, Ill., Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)