The affordability crisis on credit cards has become impossible to ignore. While there's broad agreement that something needs to shift—particularly around the burden placed on everyday consumers—the proposed solutions don't all move in the same direction.

Looking at the mechanics: Credit card rates have climbed steeply in recent years, pricing out middle-income borrowers and tightening credit availability precisely when people need it most. The instinct to cap rates directly seems logical at first glance. Yet here's where the economics gets tricky.

Constraining rates artificially can actually shrink the credit supply. Banks facing rate caps tend to tighten lending standards, reduce credit limits, and increase upfront fees—shifting costs from borrowing to access. The unintended consequence? Those most vulnerable get shut out entirely rather than paying lower rates.

The real affordability lever isn't price controls. It's about fixing the underlying risk models, reducing operational costs in lending, and encouraging competition in the credit space. That's how you drive rates down sustainably without creating a credit desert.

The conversation matters because it shapes whether millions get genuine relief or just different flavors of financial stress.