Caps for credit card rates could hurt those who most need credit

American households are scaling a mountain of credit card debt, thanks to the inflation affordability crisis brought to us by the Biden-Harris administration. Former President Donald Trump has proposed capping interest rates that consumers pay on their credit cards to 10% to provide them with temporary relief. History tells us that good intentions can still lead to negative outcomes. Past efforts to cap interest rates on other financial products have backfired on low-income consumers in unexpected ways.