Filed Under: Op-ed

Orange County Register: Consumers deserve more credit card competition

A recent report from the National Retail Federation predicts holiday sales will increase by roughly seven percent this year compared to 2021 — with the proportion of online sales projected to grow by 15%. Inflation is a key component of the equation. According to the latest government data, consumer prices are up nearly 8% compared to a year ago — meaning although Americans are spending more, they’re getting less bang for their buck.

As the United States’ economy squeezes family budgets and shakes up buying habits, Americans are looking to elected leaders to ease the pressure. Following the midterm election circus, it’s time for Congress to roll up their sleeves and get to work. But beyond reining in government spending that contributes broadly to quickly rising prices, what can be done?

A concrete reform that has already been introduced in Congress would help lower consumer prices across the board. Called the Credit Card Competition Act, the bipartisan legislation would apply free market mechanisms to the credit card industry that is currently dominated by a duopoly.

Read more from CCF at the Orange County Register.

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