Recent efforts to reduce credit card fees may appear to be well-intentioned, but they run a very real risk of making it harder for millions of Americans to access credit. The recently proposed Credit Card Competition Act (CCCA), the most recent attempt along these lines, would disrupt the existing credit card landscape in ways that could be damaging to consumers, particularly those with lower incomes. Although the bill’s sponsors claim it will lower prices for consumers, there is no evidence of this assertion.
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