{"id":2592367,"date":"2026-04-18T14:55:59","date_gmt":"2026-04-18T18:55:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/price-controls-will-deny-millions-of-americans-credit-cards\/"},"modified":"2026-04-18T15:00:24","modified_gmt":"2026-04-18T19:00:24","slug":"price-controls-will-deny-millions-of-americans-credit-cards","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/price-controls-will-deny-millions-of-americans-credit-cards\/","title":{"rendered":"Price Controls Will Deny Millions of Americans Credit Cards"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fprice-controls-will-deny-millions-of-americans-credit-cards%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2592367&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>This op-ed argues that credit cards have become a cornerstone of the U.S. economy, expanding from a small share of households in the 1960s to widespread use today, including new forms of payment like mobile wallets. The author invokes The Graduate\u2019s line \u201cOne word, Benjamin: plastics\u201d to illustrate how credit-enabled spending fuels growth and how the \u201cdemocratization of credit\u201d benefits shoppers, retailers, banks, and online platforms alike.<\/p>\n<p>The piece warns against government price controls on credit card charges, notably proposals for steep interest-rate caps (10% or higher). Citing research by Unleash Prosperity Now, the author contends that such caps would not lower costs for consumers but would dramatically reduce access to credit for tens of millions, risking the loss or drastic reduction of credit lines for more than 100 million cardholders. Low-income and subprime borrowers would be especially vulnerable, with even many prime borrowers potentially affected.<\/p>\n<p>The article cites Illinois\u2019 2021 experience and argues for a market-driven approach and better financial literacy rather than policy-driven limits. It emphasizes that credit cards often serve as a safety net for emergencies, and warns that restricted access could worsen financial hardship.The piece ends with author attribution and Disclaimers from the Daily Caller News Foundation, noting the views are the author\u2019s and not a DCNF endorsement.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><\/p>\n<p>There&rsquo;s a famous line in the movie &ldquo;The Graduate&rdquo; where a young Dustin Hoffman receives this bit of career advice from a businessman: &ldquo;One word, Benjamin: plastics.&rdquo;<\/p>\n<div>\n<p>He wasn&rsquo;t talking about credit cards, but he might as well have been. Back in the 1960s only about 30% of Americans had credit cards. Today more than 80% of us do. It&rsquo;s what I call the democratization of credit.<\/p>\n<\/p><\/div>\n<div>\n<p>This revolution in the way we pay for things benefits everyone: shoppers, retailers, online companies, banks, record keepers, and so on.<\/p>\n<\/p><\/div>\n<div>\n<p>It&rsquo;s no exaggeration to say that credit cards are the grease that make the great American economic engine run smoothly.<\/p>\n<\/p><\/div>\n<div>\n<p>Today, we increasingly tap our phones at the check-out lines, rather than swipe the plastic card. All told one of every three consumer purchases today are with credit cards. I&rsquo;ve noticed lately that stores now have signs that read: &ldquo;Sorry, we don&rsquo;t take cash.&rdquo;<\/p>\n<\/p><\/div>\n<p> <script type=\"text\/javascript\"> \t\t\tif ( getCookie( \"ff_subbed\" ) ) { \t\t\t\tdocument.getElementById(\"anyclipvideo\").remove() \t\t\t} else { \t\t\t\tdocument.addEventListener(\"DOMContentLoaded\", function() { \t\t\t\t\tfunction loadAnyclip() { \t\t\t\t\t\tconst container=document.getElementById(\"anyclipvideo\"); \t\t\t\t\t\tif (!container) return;  \t\t\t\t\t\tconst script=document.createElement(\"script\"); \t\t\t\t\t\tscript.src=\"https:\/\/player.anyclip.com\/anyclip-widget\/lre-widget\/prod\/v1\/src\/lre.js\"; \t\t\t\t\t\tscript.setAttribute(\"pubname\", \"westernjournalcom\"); \t\t\t\t\t\tscript.setAttribute(\"widgetname\", \"001w000001jULVcAAO_M12924\");  \t\t\t\t\t\t\/\/ append inside the container so player shows in correct spot \t\t\t\t\t\tcontainer.appendChild(script); \t\t\t\t\t} \t\t\t\t\tfunction findPreviousParagraph(selector, x) { \t\t\t\t\t\tconst targetElement=document.querySelector(selector); \t\t\t\t\t\tif (!targetElement) { \t\t\t\t\t\t\tconsole.warn(\"Target element not found.\"); \t\t\t\t\t\t\treturn null; \t\t\t\t\t\t}  \t\t\t\t\t\t\/\/ Get all <\/p>\n<p> elements in order as they appear in the document \t\t\t\t\t\tlet paragraphs=Array.from(document.querySelectorAll(\"p\"));  \t\t\t\t\t\t\/\/ Find the index of the last <\/p>\n<p> before the target element \t\t\t\t\t\tlet targetIndex=paragraphs.findIndex(p=> p.compareDocumentPosition(targetElement) & Node.DOCUMENT_POSITION_PRECEDING);  \t\t\t\t\t\tif (targetIndex===-1 || targetIndex <x) { \t\t\t\t\t\t\tconsole.warn(\"Not enough paragraphs before the target element.\"); \t\t\t\t\t\t\treturn null; \t\t\t\t\t\t}  \t\t\t\t\t\treturn paragraphs[targetIndex - x]; \t\t\t\t\t}  \t\t\t\t\t\/\/ Set up IntersectionObserver \t\t\t\t\tfunction observeElement(element) { \t\t\t\t\t\tif (!element) return;  \t\t\t\t\t\tconst observer=new IntersectionObserver( \t\t\t\t\t\t\t(entries)=> { \t\t\t\t\t\t\t\tentries.forEach(entry=> { \t\t\t\t\t\t\t\t\tif (entry.isIntersecting) { \t\t\t\t\t\t\t\t\t\tconsole.log(\"Paragraph is now visible:\", entry.target.textContent.trim()); \t\t\t\t\t\t\t\t\t\tloadAnyclip(); \t\t\t\t\t\t\t\t\t\tobserver.disconnect(); \t\t\t\t\t\t\t\t\t} \t\t\t\t\t\t\t\t}); \t\t\t\t\t\t\t}, \t\t\t\t\t\t\t{ threshold: 0.5 } \/\/ Adjust threshold as needed \t\t\t\t\t\t);  \t\t\t\t\t\tobserver.observe(element); \t\t\t\t\t}  \t\t\t\t\t\/\/ Find the 1st paragraph before #anyclipvideo and observe it \t\t\t\t\tlet paragraphToObserve=findPreviousParagraph(\"#anyclipvideo\", 2); \t\t\t\t\tobserveElement(paragraphToObserve); \t\t\t\t}); \t\t\t} \t\t<\/script> <\/p>\n<div>\n<p>But now some politicians in Washington won&rsquo;t leave well enough alone. In order to make things &ldquo;more affordable,&rdquo; they want to impose price controls on how much the credit card companies charge merchants. Even worse, they want to put an interest rate cap of 10% on late credit card payments.<\/p>\n<\/p><\/div>\n<div>\n<p>I understand the impulse of lowering interest penalties. Americans are still feeling the sting of the Biden inflation years, and now higher energy prices due to the Iran conflict.<\/p>\n<\/p><\/div>\n<div>\n<p>But good intentions cannot override the laws of economics. In a recent analysis conducted for Unleash Prosperity Now &mdash; based on rigorous research and a sweeping industry survey covering roughly 75 percent of the U.S. credit card market &mdash; we found a 10 percent rate cap would not lower costs for consumers. It would eliminate access to credit for tens of millions of them.<\/p>\n<\/p><\/div>\n<div>\n<p>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/five-democrats-who-signaled-theyll-work-with-trump-on-policy-washington-examiner\/\" title=\"Five Democrats who signaled they\u2019ll work with Trump on policy - Washington Examiner\">10 percent interest rate cap<\/a> would result in more than half of all open credit card accounts being closed or having their credit lines drastically reduced. We&rsquo;re talking about more than 100 million cardholders losing easy access to credit.<\/p>\n<\/p><\/div>\n<div>\n<p>Especially vulnerable are the one-third of lower income American adults with sub-prime or near-prime credit scores &mdash; especially younger workers, people rebuilding after a financial setback, or those who temporarily lose a job.<\/p>\n<\/p><\/div>\n<div>\n<p>For many of these families, a credit card isn&rsquo;t a luxury. It&rsquo;s how they cover a car repair, a medical bill, or groceries at the end of a tight month. The Federal Reserve&rsquo;s own data shows that 37 percent of American adults couldn&rsquo;t cover a $400 emergency expense from savings alone. A credit card is their safety net.<\/p>\n<\/p><\/div>\n<div>\n<p>And it&rsquo;s not just sub-prime borrowers who&rsquo;d get hurt. Our study finds that many prime borrowers &mdash; solid, <a href=\"https:\/\/amzn.to\/3YuVZYV\" >responsible credit card users &#038;mdash<\/a>; would see their lines of credit cut under a 10 percent cap.<\/p>\n<\/p><\/div>\n<div>\n<p>Our study found that when Illinois imposed interest rate caps in 2021, access to credit cards for low-credit-rate households fell by more than one-third.<\/p>\n<\/p><\/div>\n<div>\n<p>Even the &ldquo;compromise&rdquo; position of a 15% to 20% rate cap is problematic. Our study finds millions of families would lose credit card access or face lower credit limits especially because interest rates have edged upward of late.<\/p>\n<\/p><\/div>\n<div>\n<p>What is needed is better financial literacy in America. Credit cards aren&rsquo;t meant for a buy-now-pay-later mentality. (Who do we think we are? &nbsp;The federal government?). The high fees are meant as a deterrent to running up unpaid bills. The credit card companies mostly LOSE money when bills aren&rsquo;t paid on time.<\/p>\n<\/p><\/div>\n<div>\n<p>There&rsquo;s an old saying: if something isn&rsquo;t broken don&rsquo;t fix it. Let the market work. There&rsquo;s plenty of free market competition here: with four <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/over-700-survivors-advocates-call-on-congress-for-criminal-investigation-into-pornhubs-parent-company\/\" title=\"Over 700 Survivors, Advocates Call On Congress For Criminal Investigation Into Pornhub\u2019s Parent Company\">major credit card companies<\/a> and scores of banks issuing them. Let the market decide and let the politicians deal with their own unpaid bills: the $40 trillion national debt.<\/p>\n<\/p><\/div>\n<div>\n<p><i>Stephen Moore is a former Trump senior economist and serves as a senior fellow at the America First Policy Institute. He is &nbsp;a co-founder of Unleash Prosperity. &nbsp;<\/i><\/p>\n<\/p><\/div>\n<div>\n<p><i>The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.<\/i><\/p>\n<\/p><\/div>\n<div class=\"disclaimer\">\n<p>All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter&rsquo;s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact&nbsp;<a href=\"http:\/\/www.westernjournal.com\/mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n<\/p><\/div>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> \t\t\t\t\t\t<label>* Name<\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"name\" required> \t\t\t\t\t<\/div>\n<div class=\"sc--field\"> \t\t\t\t\t\t<label>* <\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"\" required> \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t<label>* Message<\/label> \t\t\t\t\t<br \/> \t\t\t\t\t<textarea name=\"message\" required><\/textarea> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> \t\t\t\t\t<input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\"> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> \t\t<script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! ( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script> \t     \t\t\t\t\t\t     \t\t\t\t\t<\/div>\n<p style=\"border: 1px solid #f5f5f5; padding: 16px;\">Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. <a href=\"https:\/\/www.westernjournal.com\/advertise-us\/?wj_source=article\">Advertise Today<\/a>.<\/p>\n<p><script>console.log(\"ad slot (BA1)\")<\/script> \t\t<\/p>\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paraphrase:<\/p>\n<p>The piece opens with the famous line from The Graduate about choosing \u201cplastics\u201d as a career path. It suggests that line would fit today\u2019s world of credit cards, since in the 1960s only about 30% of Americans had them, but now more than 80% do. This is described as the democratization of credit, a development that benefits shoppers, retailers, online platforms, banks, and others, and is said to be the grease that keeps the American economy running smoothly. The article notes a shift toward contactless payments and reports that about one in three consumer purchases are made with a credit card, with some stores even displaying signs that they no longer take cash.<\/p>\n<p>The text then moves into a policy argument. It criticizes proposals in Congress to impose price controls on what card networks charge merchants and to cap late-payment interest rates at 10%. While acknowledging the desire to lower penalties in a period of inflation and energy pressures, the piece argues that a 10% cap would not reduce costs for consumers and would actually cut off access to credit for tens of millions. It claims that more than half of existing open credit-card accounts would be closed or would have significantly reduced credit lines, affecting over 100 million cardholders. The most vulnerable would be one-third of lower-income Americans with subprime or near-prime scores-young workers, people rebuilding after setbacks, or those who lose jobs temporarily-who rely on credit cards for emergencies like car repairs, medical bills, or groceries when money is tight. Federal Reserve data are cited to illustrate that 37% of American adults couldn\u2019t cover a $400 emergency from savings alone, underscoring that a credit card is a safety net. The piece also contends that many prime borrowers would see reductions in their credit lines under a 10% cap.<\/p>\n<p>It cites a study showing that when Illinois imposed interest caps in 2021, access to credit for low-credit-rate households fell by more than one-third. It also suggests that even a moderate compromise cap of 15% to 20% would be problematic, with millions facing lost access or reduced limits as interest rates have recently risen. The proposed remedy, according to the author, is better financial literacy and a rejection of a buy-now-pay-later mentality. It argues that the high fees with credit cards serve to deter unpaid bills and that creditors lose money when payments are late. An old adage is offered: if something isn\u2019t broken, don\u2019t fix it. The piece urges allowing market competition-four major card networks and numerous banks-to decide outcomes, rather than politicians, and jokes about the national debt in contrast.<\/p>\n<p>The commentary is attributed to Stephen Moore, a former Trump senior economist and a senior fellow at the America First Policy Institute, and a co-founder of Unleash Prosperity. It notes that the views are those of the author and not the Daily Caller News Foundation. It also includes standard publication licensing and contributor notes.<\/p>\n<p>(Note: The remainder of the text contains form fields, a captcha-related script, and other website elements that are not part of the argument itself.)<\/p>\n","protected":false},"author":1,"featured_media":2592368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2026\/04\/IMG_7674.jpeg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[78052,71107,13123,78051,71106],"class_list":["post-2592367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-consumer-finance-2","tag-credit-cards-2","tag-economics","tag-policy-impact-2","tag-price-controls-2"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2026\/04\/IMG_7674.jpeg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2592367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2592367"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2592367\/revisions"}],"predecessor-version":[{"id":2592371,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2592367\/revisions\/2592371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2592368"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2592367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2592367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2592367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}