It would no doubt be better in some ways. Credit cards and loans have become a crutch for too many people. Americans aren’t really taught to live within their means and to prioritize savings. We also let labor unions be destroyed & min wage hasn’t kept up with soaring expenses for basic needs.

If it passes, and that’s a big if, the most likely result will be that fewer people are approved unless they have a stellar credit rating and a higher income than the median. It could also result in fewer credit card purveyors overall. Hard to make a profit on fewer customers with lower fees overall