Interest Cap Could Cut Credit Access for Millions

0:00It's April 4th. This is Dallas News today, AI-powered stories from your city. A new report warns that capping credit card interest rates at 10% could cut off access to credit for well over 100 million Americans, card holders. That's according to economists at unleashed prosperity. Now, who say this kind of price control in a competitive market would backfire big time. Lawmakers from both parties, plus some in the Trump administration, have pushed for a 10% cap. While others flow 15 or 20%, the idea is the ease affordability for folks struggling with high rates right now. But the impact hits hardest on lower income people, and those with weaker credit scores, with 74 to 85% of open accounts, facing closures or slash lines, that's between 137 million and 159 million users. Even Prime borrowers, 71 to 84% of them, would lose out. Prime folks with top scores above 7080, already pay 13 to 18% on average, so rewards programs

1:03could shrink, or vanish entirely. And Steve Moore, the group's co-founder and ex-Trump economist, says folks might turn to pay-day loans at nearly 400% interest. Instead, way worse, bottom line, credit cards keep our economy humming as the go-to payment tool for millions. Working with rates, risks, pushing people into shadier options, and hurting the system that's working for most.