According to the banking industry, if laws that include caps on interest rates and other price controls are passed, it will result in a tightening of credit.  Card issuers are facing pressures from a number of areas, including a record number of bankruptcies, which is one reason they must occasionally adjust rates.

Free credit means consumers can charge what they want, when they want, and it keeps interest rates low.  Some people have made whole movies by financing them on credit cards, most notably Spike Lee and Quentin Tarantino.  The average American household has ten credit cards, on which they carry an average balance of $7,000.