January 1, Rate Caps Slam Small Biz Survival

Wyatt’s Take

• Capping rates at 10% shuts out credit for folks who need it most.
• Small businesses lose flexible cash to buy inventory and repair gear.
• People turn to payday sharks charging way more than 10%.

Congress pushes a bill to cap credit card interest at 10%. It sounds good but will force banks to deny cards to millions relying on them.

Socialists like Bernie Sanders and AOC lead the charge with their Loan Shark Prevention Act. They say Wall Street suits are the real sharks preying on working people.

Bernie Sanders said today’s loan sharks wear suits and run big banks like JPMorgan Chase.

Some Republicans join in for populist appeal. But this government price fix hurts low-income families and shops the most.

MetLife and U.S. Chamber report credit cards keep small businesses running for inventory and repairs. A Texas restaurant owner used his card to buy stock upfront and pay later during tough times.

Being able to buy inventory upfront kept my doors open.

A California retailer stocked up when costs jumped without cutting jobs. Maryland owner got stability for growth.

Securing a business credit card was crucial for creation and expansion.

This cap solves no problem but kills free market fixes. Republicans must block it to protect jobs and cash flow.

Call your reps today. Tell them to kill this bad idea hurting everyday Americans.

Wyatt Matters

Free markets give working families the tools to build lives, not caps that lock out credit our heartland needs.

Source story here.