Capping Credit Card Interest Is Another Bad Idea That Won't Die

Cato Daily Podcast

Caleb Brown

Politics, News Commentary, 424708, Libertarian, Markets, Cato, News, Immigration, Peace, Policy, Government, Defense

4.6 • 949 Ratings

🗓️ 10 March 2025

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Capping credit card interest would punish less creditworthy people and breed new life into the ranks of more unsavory lenders. Nick Anthony and Norbert Michel comment on the new proposal from Senators Sanders and Hawley.

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Transcript

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0:00.0	This is the Cato Daily podcast for Monday, March 10th, 2025.
0:08.1	I'm Caleb Brown.
0:09.6	There is far too much bipartisanship on this one idea, capping credit card interest rates.
0:16.0	A plan put forward by Senators Hawley and Sanders would do just that.
0:20.0	For lower-income consumers, that might mean losing access to convenient credit altogether.
0:25.0	Cato's Nick Anthony and Norbert Michelle comment.
0:29.5	Norbert, I'd like to start with you.
0:31.5	How long has the idea of interest rate caps on credit tools been around.
0:41.4	Oh, man.
0:43.0	Thousands of years.
0:45.9	No, no.
0:46.5	You're literally right, though.
0:48.4	Yeah, no exaggeration.
0:50.1	Yeah, biblical times, man.
0:51.5	Yeah.
0:52.4	This has been going on literally for thousands of years.
0:56.1	You know, for job security of people like Nick here, it's still around.
1:05.1	So tell me about this proposal that we have from Messrs, Holly, and Sanders to limit interest rate cap, or limit interest rates?
1:16.8	Well, the two senators have come together to propose restricting interest rates on credit cards at 10%.
1:27.2	This is an increase or rather a decrease from their
1:33.6	previous stance of an 18% cap. The most likely reason it seems they've settled on 10 is simply
1:42.1	because during the campaign trail, now President Trump
	...

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