New billboards near Charleston International Airport this week warn that credit card rate caps would make it harder for working families to access credit they rely on for expenses, National Taxpayers Union announced Wednesday.
Three new billboards highlight the unintended consequences of proposals to cap credit card interest rates. The billboard reads “Credit Card Rate Caps Hurt Working Families. Protect Access To Credit.”
“Capping interest rates may sound helpful on paper, but, in reality, it pushes lenders to tighten access to credit,” said Thomas Aiello, Vice President for Federal Affairs.“That means fewer options for families who need flexibility to cover emergencies, manage cash flow, or build financial stability.”
The digital displays are located at:
- North Rhett Ave: North of I-526 (South facing)
- Remount Rd: East of Rivers Ave (West facing)
- Ashley Phosphate Rd: East of Cross County Rd (East facing)
Policy proposals to cap credit card rates, though often framed as consumer protection, lead to reduced credit availability, especially for individuals with lower credit scores or limited financial history. History shows that, when risk-based pricing is restricted, lenders compensate by approving fewer applicants or reducing credit limits. This ultimately puts political pressure on expanding government funded lending and credit programs, in turn putting taxpayers at greater risk.
The billboard placements join forces with digital advertising in North Carolina, Washington, DC, and Arkansas in recent weeks. The campaign from National Taxpayers Union works to communicate to policymakers, business leaders, and residents the damage of price controls.
National Taxpayers Union is the only free-market organization for taxpayers that unites effective advocacy with useful research about how to limit taxes, spending, and regulation at every level and branch of government—state, federal, administrative, and judicial.