So Bernie and AOC have introduced legislation to cap credit card interest rates at 15%. https://www.usatoday.com/story/mone...-want-cap-credit-card-interest-15/1150746001/ Wanted to see what people's thoughts on this are. I'm personally not a fan of this idea, but I can see the perspective from some that think this is a good thing. I'm not sure exactly what the impact would be (Will lenders continue to issue credit to those deemed high-risk for default? Will people that experience lower rates borrow more? Will this encourage more use of other types of credit, such as pay-day loans?). I'm rarely in favor of the government getting involved in "issues" such as this. I would much prefer the government spend time and effort educating people on personal finance, debt management, etc. Seems to me like that would provide more benefit to citizens. Also, are we going to apply the same logic to other types of credit? Mortgages, car loans, etc? People that are more likely to default are always issued higher interest rates. It's not a tactic by the wealthy to impoverish the poor. It's just economics. Finally, what is to stop the U.S. government from just taking over all lending in the country? They have already taken over student loans, and look what happened there! Terribly high default rates, over lending to those that can't repay, and skyrocketing tuition due to the enormous supply of funds available to pay tuition. If there is an upside to this, I would love to hear the argument.