Limiting credit card rates means credit won’t be everywhere you want to be

Free-market principles made America the economic powerhouse of the globe and the most prosperous nation in history. The economic philosophy that transformed our country into the envy of the world is increasingly coming under attack. Failed big-government policies of yesteryear have slid back into political discourse. Price caps are a prime example.

Card issuers must be compensated for the risk they take on when extending credit to cardholders. If rates are capped, card companies will stop issuing cards to less credit-worthy individuals. It’s that simple. A young person entering the workforce, a hardworking mom who fell on hard times and has a low credit score as a result, a family new to our shores who went through our immigration system legally, and many others will be out of luck when it comes to getting a credit card.

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