Big government activists are emboldened with Democrats in control of Congress and the White House, as well as many state governments, and they are pushing for restrictions on consumer borrowing through the creation of interest rate caps. These pieces of legislation, similar to a proposal put forth by Senator Bernie Sanders and Rep. Alexandria Ocasio-Cortez in 2019, would place a government-mandated ceiling on interest rates for personal loans -- thereby reducing available credit. Although proponents contend these measures would protect working Americans and minority communities from over-using credit, this claim couldn’t be further from the truth.
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