A fifteen percent rate cap sounds reasonable. If gummit is permitted to impose such limitations on our liberty to contract —- then 15 percent sounds reasonable. But there’s a second problem with it—- it will cut off credit to some Americans who now can get it — I acknowledge that a high rate loan is undesirable but if you need money then it’s still a lot better to have access to funds, then not.
If she really capped interest rates at 15%, then some people who would qualify for cards today would be rejected. If the bill would allow lenders to choose who to lend to, it could work. However, when lenders were "redlining" the poor to keep them from getting loans, Obama and the government intervened, with a big assist from the Federal reserve continuously lowering interest rates for 30 years, and the result was the subprime mortgage industry.