Price controls on credit cards sound good in theory—help people save money, right? But here's the thing: they rarely work the way policymakers hope. When governments cap what lenders can charge, the market doesn't just accept the rules and move on. Instead, you get creative workarounds. Banks start tightening credit standards, rewarding only the safest borrowers while leaving others out in the cold. Annual fees climb, rewards programs shrivel up, and the people who need credit most end up getting squeezed harder.

Looking at history, price caps in finance tend to backfire. Lenders compensate elsewhere—through stricter approval processes, reduced service quality, or simply pulling out of less profitable markets. The real affordability problem runs deeper: it's about structural economic issues like stagnant wages, rising costs of living, and limited access to credit for everyday people.

Meaningful solutions require tackling root causes—improving financial literacy, increasing competition in the lending space, and creating conditions where more people can build wealth. Quick regulatory fixes that target symptoms instead of causes? They might feel satisfying politically, but they rarely deliver the financial relief people actually need.