While it’s true many Americans get trapped in a cycle of credit card debt, the solution isn’t big-government rate caps. Instead, we need to do a better job educating our children and students on financial literacy and how to build and grow wealth. Credit cards can be a helpful tool in that process when used responsibly.
CLICK HERE TO READ MORE ON FOX BUSINESS
Empowering citizens with financial knowledge will create a more-prosperous society with self-sufficient citizens who don’t need a nanny state federal government to support them with government handouts from cradle to grave.
It’s a win-win. Financial literacy – not rate caps – should be the focus of policymakers who want to empower Americans to avoid falling into a cycle of debt.
Access to credit is essential to people of all financial backgrounds, and Congress ought to be focused on opening as many pathways as possible for our citizens to access credit of all kinds. Throwing free-market values out the window by supporting price caps is not a formula for success.
Republican Tommy Tuberville represents Alabama in the United States Senate.
