Source: Foundation for Economic Education
by Daniel J Mitchell
“According to a new report from the New York Federal Reserve, Americans have accumulated over one trillion in credit card debt, an all-time high. It’s a record that would make financial advisor Dave Ramsey lose the remaining hair on his head, but even worse, the share of balances in serious delinquency climbed to a nearly financial-crash level of 7.1%. In other words, Americans are borrowing more and paying back less. This alarming trend has naturally drawn the attention of politicians eager to offer a quick fix. Unfortunately, the solution gaining bipartisan traction is a blanket cap on credit card interest rates. Like most political quick fixes, it is an economic prescription guaranteed to harm the very individuals it claims to protect.” (12/12/25)