Nicole Lapin

And when lenders can't price for risk,

Stop lending to risk, period.

Meaning the real question isn't when will my APR drop?

The real question is who the heck is still gonna get approved?

Because if you've got a pristine credit report, you probably are still gonna get credit.

If you don't though, you might not get a cheaper rate on the card.

You might not get the card at all.

And when people get shut out of mainstream credit,

They don't stop needing money.

They just get pushed into worse options.

Payday loans, title loans, cash advances, the stuff with triple digit interest rates that make credit card APRs look lovely.

We have to be honest about this trade off.

A cap might reduce interest for some borrowers, but it can also reduce access for many others.

So no, this is not a credit card companies are evil problem solved thing.

This is a if you change the price of credit, you change the whole equation, namely who gets it.

So instead of a white horse that's just a Trojan horse, here's what you can do to help yourself if you are carrying high interest rate debt.

Don't wait around for a political promise to maybe turn into action.

Because while you're waiting, that interest is compounding every single day.

I have personally been there.

I've had credit card debt with sky-high interest rates.