Last week, Senator Bernie Sanders and Josh Hawley introduced legislation that would cap the interest rate on credit card debt at just ten percent, a far cry from the 24 percent that is the norm for most credit cards.
The reason they give for this is that working class households are disproportionately burdened by high credit card interest rates, as they are more likely to incur debt. However, such a cap would likely result in millions of middle- and working-class households finding it impossible to obtain a credit card, and they will pay a price in finding it more difficult to buy goods and services or paying more up front just to have a card.
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