WASHINGTON, D.C. —The Wall Street Journal published a letter to the editor by Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt warning government mandates and price controls on credit cards could cause nearly 90% of Americans to effectively lose access to credit.
Hunt pointed to EPC research estimating that a 10% cap on credit card interest rates would eliminate or severely restrict credit access for 82% to 88% of existing accounts, or between 175 million and 190 million Americans.
Households most at risk, those with credit scores below 740, would be the most impacted while cardholders with higher scores would face lower credit limits and stricter underwriting.
Hunt writes, “Washington should look for ways to lower costs for American families. But setting prices is a dangerous road. Before embracing price controls because they poll well, policymakers ought to ask where this road ends and who gets left behind along the way.”
Read the letter in The Wall Street Journal HERE. The full text is below:
 Price Controls Are Harmful The Wall Street Journal October 8, 2026 Americans are frustrated by rising costs, and “Americans Warm to Populism as Life Gets More Expensive” (Page One, Sept. 30) shows the appeal of simply having Washington decree that something should cost less. The problem comes when legislating by polling data and sound bites is forced to confront the real-world implications of those policies. Price controls might make for a good stump speech, but they don’t make the underlying economics disappear. Research from the Electronic Payments Coalition estimates that a 10% credit-card-rate cap would effectively eliminate or severely restrict access to credit for 82% to 88% of existing accounts, or between 175 million to 190 million Americans. Consumers with credit scores below 740 would be particularly vulnerable to a loss of credit. Americans with higher credit scores might keep their cards but would face constricted credit limits, reduced rewards and stricter underwriting. Making credit artificially “cheaper” essentially makes it realistically unavailable. This outcome is anything but a victory for affordability. Washington should look for ways to lower costs for American families. But setting prices is a dangerous road. Before embracing price controls because they poll well, policymakers ought to ask where this road ends and who gets left behind along the way. Richard Hunt Electronic Payments Coalition Washington |
