Christmas is almost here, and that means it’s time to shop for presents. However, for millions of Americans, it also means something else: credit card debt.

The typical American household has $11,000 in credit card debt. One study from last December finding that nearly half of respondents will not pay the credit card debt incurred from Christmas shopping by the due date.

So, it is no surprise that a bill sponsored by senators Bernie Sanders and Josh Hawley is getting some attention. Sanders and Hawley’s legislation would cap credit card interest rates at 10%.

The problem is that this solution is no solution at all.

It is easy to understand why lawmakers want to cap interest rates on credit cards. All this borrowing is getting expensive: the average credit card interest rate stands at a

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