AOC and Sanders' credit card interest rate cap would be disastrous | By Diego Zuluaga for CNNBusiness Perspectives
AOC and Sanders' credit card interest rate cap would be disastrousBy Diego Zuluaga for CNN Business PerspectivesChat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.
Diego Zuluaga is a policy analyst at the Cato Institute's Center for Monetary and Financial Alternatives. The opinions expressed in this commentary are his own. .leftside-floating-image { width:100%; display:block; margin:0 auto 1.5rem; } @media screen and { .leftside-floating-image { float:left; width:50%; max-width: 200px; display:block; margin:0 1.5rem 1rem 0; } } Back in the early 1900s, Progressives helped drive loan sharks out of business by lobbying to lift state usury caps. Those caps had barred lenders from charging interest above 6% to 10% a year, forcing low-income Americans to seek credit in the illegal market.
The ostensible aim of their proposal is laudable: to make credit more affordable for American households at a time when they carry a collective balance of $870 billion, with an average credit-card APR of 17.73%. But the consequences of a cap would be disastrous, removing access to credit for millions of low- and moderate-income households and forcing them to rely on family members, tighten their belts or seek higher-cost forms of credit.
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