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 an eye-watering 24%, up nearly 5% over five years earlier.

So why not impose a cap? The short answer is that a cap on interest rates would severely limit access to credit.

If banks and credit card companies are going to lend, they need to be incentivized to take on the risk of default. Loans with lower interest rates, such as mortgages, are typically collateralized. Without collateral, interest rates are higher to account for the risk of default. With market-determined interest rates, lenders know they’ll receive significant interest if the borrower doesn’t pay on time, and if the borrower knows this too, they’re more likely to take that chance and approve a loan or a line of credit.

Capped interest rates change this calculus. Lenders have less incentive to offer credit in the first place. With an interest rate cap in place, they are going to become more risk-averse and offer credit only to households with pristine credit scores and high incomes. Such a change in lending practices would severely disadvantage families that need the flexibility and ease of a credit card to cover unexpected bills.

Imagine not being able to pay for a car repair with a credit card. The financial consequences could easily snowball. Subprime loans are made to those with lower incomes. If interest rates are capped, the poor will have a disproportionately harder time getting credit.

When Oregon implemented a rate cap, research found that borrowing fell and the average household was left worse off. A similar cap in Illinois yielded similar results, decreasing the number of loans to subprime borrowers by 38%.

If the Sanders-Hawley bill passes, Americans could see their credit limits cut dramatically or even have their credit cards canceled. That, in turn, would lead to less consumer spending and slower economic growth.

We all stand to lose if the Sanders-Hawley bill passes. More than four in five Americans have a credit card, and the resulting credit is the lifeblood of our economy.

With consumer confidence just hitting a seven-month low, this is not the time to take a hammer to the credit market.

Nathanael Peach is a professor of economics in Fort Lewis College’s Katz School of Business/InsideSources