Capping Credit Card Interest: An Idea So Bad that Both Democrats and Republicans Support It
Interest rate caps drive higher-risk borrowers to riskier, more expensive sources of credit.
J.D. Tuccille | 11.13.2026 7:00 AM
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Even in these divided times, some ideas are so bad that both major political parties support them. That’s certainly the case with proposals to let the government put a cap on the interest rates charged by credit card companies. It’s a scheme that seems considerate to those who run up debt but would instead deny riskier borrowers access to legitimate credit, and it could drive many people to lenders—some underground—who charge more. That is, it’s a plan stupid enough to draw backing from Democrats and Republicans alike.
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Ahhh here’s the Gooferment hard at work on “problems” that need no solution. It’s not that the Users of high-rate cards are stupid; that must be their best option.
Somtimes the best “solution” is to leave the free market alone. Unless there is force or fraud involved, the Gooferment just needs to ignore either.
Not like there are not harder REAL PROBLEMS for them to work on, like the debt, deficit, eliminating waste, fraud, abuse, and cutting spending. That would bring inflation down and prosperity for everyone!
Argh!
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