To the Journal editor:

As an elder law attorney in Marquette, I’ve seen firsthand how credit cards provide critical tools for financial stability, especially for seniors and working families in the Upper Peninsula.

Many in our community use credit card rewards programs to help cover essentials like groceries, gas, and medical bills. Unfortunately, that financial lifeline is now under threat from federal legislation known as the Credit Card Competition Act (S. 1838).

While its name suggests that it will promote competition, the reality is much different. If passed, this bill would force credit card issuers to use less secure payment networks, reducing fraud protections for consumers.

It would also jeopardize rewards programs that so many Upper Peninsula residents rely on to stretch their budgets.

Supporters claim this bill will lower costs, but there’s no guarantee that big-box retailers will pass any savings on to consumers.

Instead, working families, seniors and small businesses will be left with fewer protections and higher risks of fraud, all while major corporations increase their profits.

I urge our U.S. Senators Gary Peters and Elissa Slotkin to oppose this misguided legislation. Protecting Michigan’s consumers from fraud and preserving their financial tools should be a top priority.

Our hardworking community members deserve policies that safeguard their financial well-being, not laws that benefit large corporations at their expense.