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Top 5 Providers of Risk-Controlled Legacy System Transformation Services

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Search for “AI project ideas” online and you’ll find hundreds of suggestions, from building chatbots to generating artwork.

Plenty of businesses nowadays rely on software that used to work well in the past, but now holds them back. They slow down innovation, increase maintenance costs, and make it harder to scale or adapt to changing market demands.

However, businesses choose to stay in this “toxic relationship” rather than break free of legacy constraints because the “breakup” is associated with risks, such as potential system downtime, data loss, disruption of fragile business logic, security vulnerabilities, and temporary drops in productivity — risks that can be significantly reduced with a preliminary software audit.

If you are looking for a reliable legacy system modernization partner to mitigate the risks, explore the list below. We gathered the 5 best risk-controlled software transformation companies to help you get a system that will support the sustainable growth of your company.

Corsac Technologies

Corsac Technologies

is a leading provider of legacy systems modernization services with over 18 years of experience. Corsac has been working with companies in healthcare, finance, GIS, charity, media, and more, helping businesses transform legacy systems into modern, scalable solutions.

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Corsac team owns the entire cycle of system renovation, from software audit to post-release support. Their experts carefully audit the existing software to identify structural weaknesses, hidden tech debt, and compliance issues before crafting a phased, risk-controlled plan tailored to the goals of each customer.

Corsac team integrates into your CI/CD pipeline and makes every change documented and reversible to minimize downtime. Their process prioritizes business continuity and includes knowledge transfer and post-release support so clients can independently maintain modernized systems over the long term.

Intellias

Intellias is a global technology partner with more than two decades of experience in risk-controlled legacy software modernization. The company combines industry expertise and modern technologies to develop custom solutions for businesses in finance, retail, high tech, and more.

Intellias team modernizes legacy systems through replatforming, refactoring, and cloud migration. Their focus is on performance, security, and system stability throughout the process. Intellias applies phased releases and parallel environments to update legacy systems without disrupting business daily operations. This approach helps organizations reduce technical debt and keep systems reliable during transformation.

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Devox Software

Devox is an outcome-driven software development company that uses a modular, low-risk modernization approach with minimal downtime. Their focus is AI-driven approach to system modernization to rebuild outdated products into brilliant future-ready ones.

Devox team starts with detailed diagnostics of a product to understand the weaknesses, security gaps, and scalability limitations to draft a phased modernization plan tied to measurable outcomes from both technical and business perspectives. Beyond code refinement, Devox experts shape your entire software lifecycle and fuel enterprise productivity, which makes them an especially good choice for SMEs and large enterprises.

RadixWEB

RadixWEB blends 25 years of expertise in delivering digital intelligence through AI, cloud, and Data. Instead of long, disruptive programs, the team focuses on early results that can be measured and validated as the transformation progresses. Each step is planned to modernize your legacy system while your critical business processes remain untouched.

RadixWEB relies on cloud-native and automation-driven delivery practices, with strong attention to user experience, so modernized systems remain reliable, efficient, and easier to work with over time. The company is trusted by 3,000 customers in over 20 sectors, including EdTech, Fintech, Healthcare, Insurtech, and more.

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Innowise

Innowise is one of the leading legacy service update agencies with an extensive team of professionals and a strong track record in risk-controlled legacy system modernization. Since its founding in 2007, the company has grown to over 2,500 engineers and over 1600 legacy systems modernization services under its belt.

Innowise helps businesses, from startups to mature corporations, reimagine their IT infrastructure with reduced transformational risks. Innowise team guides clients in consulting, custom development, modernization, and post-launch support of modernized systems.

Wrapping up, legacy software modernization is no longer a matter of if, but when. As systems age, the risks of doing nothing quickly outweigh the risks of transformation itself. Each company featured in this list applies a risk-controlled approach to legacy system transformation, using phased delivery, thorough audits, and business-continuity-first practices to ensure stability throughout the process.

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2026 ProCon Awards seek best new buildings

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ProCon Leicestershire Award 2025 winners (l-r, back) Adam Longbottom (Jewry Wall), Dan Danaher (Watkin Road Bridge), Gosia Khrais, (Charnwood Campus), James McCosh (Leicester Cathedral Revealed) and Jospeh Silva (Rising Star) with (front) Kirsty Mokha (Kiln House), Tim Adams (Lutterworth Golf Club), Catherine Haward (Barons Pastures) and Sunny Raju (Archerfield Grange)

ProCon Leicestershire Award 2025 winners (l-r, back) Adam Longbottom (Jewry Wall), Dan Danaher (Watkin Road Bridge), Gosia Khrais, (Charnwood Campus), James McCosh (Leicester Cathedral Revealed) and Jospeh Silva (Rising Star) with (l-r, front) Kirsty Mokha (Kiln House), Tim Adams (Lutterworth Golf Club), Catherine Haward (Barons Pastures) and Sunny Raju (Archerfield Grange)(Image: Lionel Heap)

The 2026 ProCon Awards are seeking the best new buildings and other construction projects in Leicestershire and Rutland, plus a rising star of the industry.

Entry for the 23rd annual ProCon Awards is open and again free of charge, with a closing date of July 8. Finalists and winners will be celebrated at a ceremony on November 12 at Leicester City’s King Power Stadium.

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Tickets for the event sold out in under three minutes, guaranteeing a full house of 620 attendees. There are tables of ten tickets held back for businesses keen to sponsor one of the categories still available.

There are eight categories, covering residential and non-residential schemes of various sizes, regeneration projects and the third year of the Rising Star category for those making a trailblazing start to their property and construction careers.

The 2026 ProCon Awards are already backed by two corporate sponsors: Salus and Unique Window Systems. The Leicester Mercury’s Business Live is the media partner.

Stuart Power and Paul Meadows, directors at Salus (Building Control & Fire Safety Consultants), said: ““We are proud to continue our support as a corporate sponsor of this outstanding celebration of our industry.

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“The continued success of the ProCon Awards is a significant achievement, particularly in a challenging climate of regulatory change and evolving compliance requirements.

“This year is especially meaningful for Salus as we celebrate our transition to an employee-owned company — a milestone that secures our long-term future and ensures we remain fully independent as Building Control Approvers and Building Regulation and Fire Safety Consultants serving Leicestershire.

“We look forward to joining colleagues from across the sector to recognise and celebrate excellence within our industry.”.”

Sunil Patel, joint-managing director at Unique Window Systems, said: “Unique is currently celebrating our 20th anniversary and a belief in maintaining the highest standards in everything we do has been instrumental in our continued success.

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The 2026 ProCon Awards logo and the award sponsors Salus and Unique Window Systems

(Image: ProCon Awards)

“Our appreciation of the very real difference a commitment to excellence can make means we are only too happy to advocate this quality in others and our ongoing sponsorship of the ProCon Leicestershire Awards reflects that.

“Good luck to all those entering this year and thank you for making our region such a beacon of best practice for the built environment sector across the wider UK.”

Details of the awards are at: procon-leicestershire.co.uk/procon-awards/2026

Companies still keen to attend the ceremony are welcome to join a reserve list. To do so, or to enquire about sponsorship opportunities, contact Allyson Jeffrey on 0116 278 1443 or via email: info@procon-leicestershire.co.uk

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The Top Picks Defining Play at the Start of 2026

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The Top Picks Defining Play at the Start of 2026

Rainbow Six Siege is entering 2026 in full force. Last year we saw the game reinvent itself with the release of Rainbow Six Siege X, which not only introduced new systems, like destroyable traps already implemented into the environment, but also a brand-new mode; “Dual Front” took the game’s iconic style and changed its formula for a nice change of pace.

If the thing stopping you from playing the game is that you think you would feel lost in a sea of experienced players that already know the top operator picks, then this article is for you! We will list the current top operator picks so that you can jump into the competition with all the needed knowledge. And if you want to skip the level grinding until you can actually join in on the competitive mode fun, consider getting Rainbow Six Siege rank boosting. This will skip you ahead both in level and rank so that you don’t have to wait for the good stuff.

Understanding the Current Meta

Before focusing on individual operators, it’s worth stepping back. Siege, in its current state, rewards patience, planning, and adaptability. Early-round information gathering frequently determines what the round might look like, while late-round success often comes down to how much utility each side still has available.

Attackers thrive when they can scout safely, dismantle defensive setups, and control flanks. Defenders succeed by slowing the game down – blocking sightlines, forcing attackers to burn resources, and shaping engagements on their own terms.

The operators below fit cleanly into that framework.

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Top Attacking Operators Entering 2026

Iana – Safe Intel, Real Impact

Iana remains one of the most influential attackers in the game. Her Gemini Replicator offers something every attacking lineup values: information without immediate risk. Sending a holographic clone into contested space allows teams to gather intel, bait utility, and reveal defender positioning before committing real players.

Her strength goes beyond the gadget. Iana’s flexible loadout allows her to transition smoothly from early-round scouting into late-round pressure. She supports entry players, enables coordinated pushes, and still holds her own in gunfights when needed.

In a meta built on information control, Iana continues to feel essential.

Ace – The Standard for Modern Hard Breaching

Hard breaching remains a cornerstone of Siege, and Ace continues to set the standard. His SELMA Aqua Breachers provide controlled, adaptable destruction that fits perfectly into utility-heavy attacks.

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Rather than committing to a single large opening, Ace can apply pressure in stages – forcing defenders to react, reposition, or burn denial utility early. That flexibility is invaluable against layered defensive setups, where forcing mistakes often matters more than speed.

Ace’s consistency and reliability make him one of the safest attacking picks entering the year.

Nomad – Movement Denial and Tempo Control

Nomad’s value has steadily increased as Siege has become more focused on timing and space. Her Airjabs punish careless rotations, shut down flanks, and force defenders to move cautiously.

Beyond simple flank watch, Nomad shapes how defenders approach retakes and late-round positioning. Airjabs placed thoughtfully can isolate defenders, delay aggression, or outright stop last-second pushes.

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In a game where seconds matter, Nomad controls the clock as much as the map.

Brava – Utility Warfare Redefined

Brava represents a newer design philosophy in Siege – one that turns defense into offense. Instead of destroying defender gadgets, her Kludge Drone converts them, transforming cameras, traps, and denial tools into assets for attackers.

In a meta filled with electronic utility, this ability is especially powerful. Defenders must constantly weigh the risk of deploying gadgets that could later betray them. The psychological pressure alone can change how defensive setups are built.

Brava doesn’t just remove utility. She flips the script, and that makes her one of the most disruptive attackers entering 2026.

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Sledge – Simple Tools, Lasting Value

Despite the rise of complex gadgets and layered strategies, Sledge remains relevant through sheer practicality. His hammer enables fast, reliable soft destruction, opening vertical angles and clearing utility without overthinking the process.

Sledge’s strength lies in how naturally he fits into almost any lineup. He doesn’t demand specific setups or coordination to be effective, yet he rewards teams that know how to leverage vertical pressure.

At a time when Siege can feel increasingly complex, Sledge proves that fundamentals still win rounds.

Top Defending Operators Entering 2026

Azami – Redefining Map Control

Azami

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continues to shape the defensive meta more than almost any other operator. Her Kiba Barriers allow defenders to create cover where none existed, block critical sightlines, and alter how attackers approach objectives.

What makes Azami so impactful is her flexibility. She can support anchors, enable aggressive holds, or reinforce unusual positions that attackers struggle to clear efficiently. No two setups look the same, which keeps attackers guessing.

In a game defined by preparation, Azami’s ability to reshape the battlefield remains unmatched.

Jäger – Consistency in a Changing Game

Jäger has been part of Siege’s identity for years, and his relevance hasn’t faded. His Active Defense System neutralizes throwables, reducing the effectiveness of grenades, flashes, and other key attacker tools.

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While his role may seem straightforward, its importance cannot be overstated. Utility denial forces attackers to adapt, slow down, and reconsider their approach. Jäger’s presence quietly influences how entire attacks are structured.

He may not dominate highlight reels, but his impact is constant.

Solis – Shutting Down Attacker Information

Information drives modern Siege, and Solis attacks that foundation directly. Her ability to detect drones and electronic devices gives defenders an edge during both preparation and execution phases.

By denying intel early, Solis forces attackers to operate with uncertainty. That lack of information often leads to cautious play, mistimed pushes, or costly mistakes later in the round.

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In a meta where attackers rely heavily on drones, Solis feels increasingly indispensable.

Mira – Controlled Vision, Lasting Threat

Mira remains a powerful defensive tool thanks to her Black Mirrors. Properly placed, they provide defenders with unmatched visibility and control over key areas of the map.

Her effectiveness scales with communication. Teams that coordinate around Mira setups can hold sites with precision, forcing attackers into awkward angles and predictable pushes.

Even years after her introduction, Mira continues to influence how objectives are defended.

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Smoke – Late-Round Authority

Smoke’s role has stayed remarkably consistent – and remarkably effective. His gas canisters excel at denying space during critical moments, particularly in the final seconds of a round.

When time is low and attackers are forced to act, Smoke thrives. His ability to stall plants, block entrances, and force movement makes him one of the strongest anchors in Siege.

In a meta defined by patience, Smoke controls the endgame.

What This Meta Says About Siege in 2026

Taken together, these operators highlight where Rainbow Six Siege is heading. The game increasingly rewards teams that value information, space control, and efficient utility usage over raw aggression.

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Attackers succeed by gathering information, as always, as well as disarming enemy traps and controlling the surrounding movement. Defenders, on the other hand, have to shape the map, denying intel tools from the attackers and trying to force the enemy into attacking you from where you want them to.

Classic operators still matter, but they succeed alongside newer designs that emphasize creativity and adaptability.

FAQs

What defines the Rainbow Six Siege meta entering 2026?

The meta focuses on utility usage, information control, and map manipulation rather than pure gunfights.

Are these operators good for ranked play?

Yes. All of the operators mentioned are effective in ranked matches. Whether playing solo or in a coordinated team, you will notice a R6 Siege rank boost if you master them.

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Is hard breaching still essential in Siege?

Yes. Operators like Ace remain crucial for opening reinforced walls and creating key sightlines.

Final Thoughts

Right now, Siege is very well-balanced, as the developers are making an effort to make the older operators catch up in tech with the newer ones. So if your favorite operator didn’t make the list, it doesn’t mean they’re bad. However, the operators that did make the list shine consistently across most maps and modes and are easy to understand and master regardless of your level.

And as always, the meta will continue to evolve – but for now, these are the operators leading the way into the new year that can get you that R6 Siege rank boost you’re looking for.

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AngioDynamics Q3 FY 2026 slides: Med Tech surge drives 8.9% growth

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AngioDynamics Q3 FY 2026 slides: Med Tech surge drives 8.9% growth


AngioDynamics Q3 FY 2026 slides: Med Tech surge drives 8.9% growth

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Building Justice From the Ground Up

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Building Justice From the Ground Up

What does it look like to combine social work and law in one career?

For Anisa Joy Leonard, it looks like long days, steady focus, and a clear mission. She is a social worker. She is also a law student. And she is building a career designed to close gaps in systems that often leave people behind.

“I’ve always wanted my work to mean something,” she says. “Not just in theory, but in real life for real people.”

Her path shows how she is doing exactly that.

Who Is Anisa Joy Leonard?

Anisa Joy Leonard

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was born in Nairobi, Kenya. She was raised in Harrisonburg, Virginia. That mix shaped her early view of the world.

“Growing up between cultures helped me see how systems affect people differently,” she explains. “It made me curious about fairness and opportunity.”

That curiosity turned into action during college.

She attended Eastern Mennonite University and earned her Bachelor’s degree in Social Work in 2021. She also completed minors in Honors, sociology, and global development. She was recognized as a 2021 Cords of Distinction recipient for academic excellence and leadership.

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While at EMU, she wrote for the student newspaper. She covered social issues and student life. That experience sharpened her voice.

“Writing helped me think more clearly,” she says. “It pushed me to ask better questions about the world around me.”

From early on, she was not just studying systems. She was analyzing them.

Education in Social Work and Policy

After EMU, Anisa moved to New York City. She enrolled at Columbia University and earned her Master’s in Social Work.

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There, she focused on client-centered care, policy, and evidence-based practice.

“Social work teaches you to look at the whole person,” she says. “Not just the problem in front of you, but the environment around it.”

Her graduate training gave her tools to understand how poverty, housing, healthcare, and education connect. It also showed her the limits of direct service.

“You can help someone today,” she explains. “But if the policy is broken, the problem comes back.”

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That realization changed the direction of her career.

Why Is Anisa Joy Leonard Studying Law?

Today, Anisa is pursuing her Juris Doctor at George Washington University Law School.

Her goal is not to leave social work behind. It is to expand her impact.

“I don’t see social work and law as separate,” she says. “I see them as partners.”

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She wants to understand how laws are written. How regulations are enforced. How advocacy works at a higher level.

Law school allows her to build that knowledge. It gives her the language of policy and legal strategy. Combined with her social work background, it creates a rare skill set.

“I want to be able to sit at the table where decisions are made,” she says. “And speak for the people who are not in the room.”

What Does a Social Work Intake Specialist Do?

While studying law, Anisa works as a Social Work Intake Specialist.

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Her job is direct and hands-on. She meets clients at vulnerable moments. She assesses their needs. She connects them to services and resources.

“Intake is often the first step,” she explains. “It sets the tone for everything that comes after.”

This role requires empathy and structure at the same time. She must listen carefully. She must also think critically.

“You have to understand the story,” she says. “But you also have to move quickly and make practical decisions.”

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Her background in evidence-based practice helps her stay grounded. Her legal training sharpens her analytical skills.

This combination positions her as a bridge between systems and people.

Leadership in Social Justice and Community Work

Anisa’s leadership does not come from a title. It comes from alignment.

Her academic choices. Her professional roles. Her faith-based involvement. They all point in the same direction.

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She remains active in the Mennonite USA Church. She participates in community initiatives and service programs.

“My faith teaches me to care about justice and community,” she says. “That’s not separate from my career. It shapes it.”

Her global roots also influence her leadership style. She brings both local commitment and international awareness.

“Every community has strengths,” she notes. “You have to start there.”

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This mindset reflects modern leadership in social impact fields. It is not about control. It is about listening, learning, and acting with intention.

How Running Fuels Her Discipline and Focus

Outside of work and school, Anisa runs.

It is not just a hobby. It is part of her discipline.

“Running keeps me steady,” she says. “It clears my head.”

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Balancing a full-time role with law school demands structure. Running helps her manage stress and stay focused.

In many ways, it mirrors her career path. It is steady. It is long-term. It requires endurance.

“You don’t see results overnight,” she says. “But if you stay consistent, progress happens.”

What’s Next for Anisa Joy Leonard?

Anisa is still early in her legal career. But her direction is clear.

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She is building expertise in both direct service and legal systems. She understands clients at ground level. She is learning how policy shapes their lives.

That dual perspective positions her as a leader in the evolving space between social work and law.

“I want my work to connect the dots,” she says. “From the individual story to the bigger system.”

Her journey from Nairobi to Virginia, from EMU to Columbia, and now to GW Law reflects steady growth. It also reflects intention.

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In a field that often separates policy from practice, Anisa Joy Leonard is working to bring them back together.

And she is doing it step by step.

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AngioDynamics, Inc. 2026 Q3 – Results – Earnings Call Presentation (NASDAQ:ANGO) 2026-04-02

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

This article was written by

Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

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Hershey to tweak some Reese’s products after ingredient backlash

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Hershey to tweak some Reese’s products after ingredient backlash

The Hershey Company plans to tweak the chocolate used in a small portion of its Reese’s and Hershey’s products following criticism from a descendant of the Reese’s Peanut Butter Cup founder over ingredient changes.

The chocolate maker said it will phase out certain compound coatings and transition those products to traditional milk or dark chocolate by 2027. The change is expected to affect less than 3% of Reese’s items and a small portion of its broader portfolio, according to Bloomberg.

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“[We’re] bringing a small portion of remaining Hershey’s and Reese’s products in line with their classic milk and dark chocolate recipes,” a spokesperson for The Hershey Company told FOX Business in an email. “The core recipes for our Hershey’s chocolate bars and Reese’s peanut butter cups have not changed.”

GRANDSON OF REESE’S INVENTOR BLASTS HERSHEY OVER ALLEGED RECIPE CHANGES: ‘I THREW IT IN THE GARBAGE’

Reese's products are pictured on store shelves

Various Reese’s products are pictured on store shelves. (Arne Dedert/picture alliance via Getty Images)

Most Hershey’s products, including its flagship chocolate bars and standard Reese’s Peanut Butter Cups, already use traditional chocolate. The updates will apply to select items such as the Reese’s Fast Break bar, some Mini Reese’s and certain foil-wrapped products, Bloomberg reported.

Hershey CEO Kirk Tanner said the decision to adjust ingredients was made shortly after he took on the role last summer.

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The chocolate maker is also revising the Kit Kat recipe to create a creamier chocolate taste and plans to eliminate artificial colors from its products by the end of 2027, according to the outlet.

The changes follow recent criticism from Brad Reese, the grandson of H.B. Reese, who accused the company earlier this year of lowering ingredient quality in some products. 

CHOCOLATE PRODUCTS RECALLED OVER HIDDEN DRUGS TIED TO ‘LIFE-THREATENING’ BLOOD PRESSURE DROPS

Reese's candy peanut butter cups

Reese’s products are seen in a shop in the United Arab Emirates on Nov. 24, 2023. (Jakub Porzycki/NurPhoto via Getty Images)

In a February LinkedIn post, he alleged Hershey had replaced traditional ingredients like milk chocolate and peanut butter with cheaper alternatives.

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Reese on Wednesday dismissed the company’s latest announcement, calling it “a PR move” and “total bunk.”

“I don’t look at this as a win,” Reese told FOX Business.

He also questioned the timeline, suggesting the company is delaying meaningful action.

“They’re just hoping this will die down, and it’ll be business as usual by 2027,” Brad Reese said. “If they were really serious, they would do it right away.”

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THIEVES STEAL 12 TONS OF KITKAT BARS FROM TRUCK IN EUROPE

Chocolate bars candy shelves

Assorted candy, including Hershey’s, Reese’s and KitKat products, is displayed on store shelves. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images)

Hershey pushed back in a statement to FOX Business, noting that Reese has no official connection to the company or brand

The company also cited a statement from other members of the Reese family distancing themselves from his remarks.

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“Our family would like to make it clear that we have no involvement in, nor do we support, the recent claims made by Brad Reese regarding The Hershey Company. His statements and opinions are entirely his own and do not reflect the view or position of our family,” the family recently said in a statement. 

“We continue to respect The Hershey Company, its leadership, and its longstanding role in our community. We believe H.B. Reese would take great pride in the products produced under his name today and in the integrity with which the brand continues to be managed.”

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Conagra Brands turning a corner

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Conagra Brands turning a corner

CEO spotlights improved results for frozen food and snacks.

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Private label sales reached $330 billion in 2025

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Private label sales reached $330 billion in 2025

The pace of category growth to be “more measured” in 2026.

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Iran war turns Middle East dream into nightmare for Asia’s migrant workers

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Iran war turns Middle East dream into nightmare for Asia's migrant workers

According to the International Labour Organisation (ILO), the region hosts 24 million migrant workers, making it the world’s top destination for overseas labour. Most of them come from Asia – India, Pakistan, Bangladesh, Sri Lanka, the Philippines and Indonesia. Many of these workers take low paid or precarious jobs, and have little access to things like healthcare, the ILO says.

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Credit card interest rate cap would cut access for over 100M Americans: report

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Credit card interest rate cap would cut access for over 100M Americans: report

A new analysis finds that a 10% credit card interest rate cap would shrink access to credit, affecting well over 100 million American cardholders in the process.

Some Republican and Democratic lawmakers have expressed support for capping credit card interest rates at 10%, a measure that also received support from the Trump administration. Other proposals have centered on a higher cap of 15% or 20%. 

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An analysis by Unleash Prosperity warns that credit card interest rate caps would function as price controls on what is currently a highly competitive market, resulting in significant consequences for consumers and the economy.

“What’s going to happen if you put these interest rate caps on is you’re going to have fewer Americans with either lower incomes or lower credit scores who will have access to credit cards and that will make them worse off, not better off,” Steve Moore, co-founder of Unleash Prosperity and a former Trump administration economist, told FOX Business.

TRUMP’S PROPOSED CREDIT CARD INTEREST RATE CAP COULD CURB ACCESS FOR MILLIONS OF AMERICANS: REPORT

A woman holding a credit card and phone

Credit card interest rate caps would affect the access to credit and rewards available to Americans, while the impact would be the greatest on consumers with lower credit scores. (iStock)

“Obviously, the big issue right now for consumers is affordability, and so the politicians are looking for any way to reduce costs to consumers. But what we found in our study is that the interest rate cap would dramatically reduce the number of Americans who would have access to credit,” he said.

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The report by economists at Unleash Prosperity noted there is evidence that the vast majority of cardholders would be affected by a 10% rate cap, based on research from the U.S. and internationally.

It noted a large survey of the credit market published by the American Bankers Association in January, which found that 74% to 85% of open credit card accounts would be closed or have credit lines reduced, affecting between 137 million and 159 million cardholders.

Unleash Prosperity’s analysis found that the adverse impact would be the worst among cardholders with lower credit ratings, with it universally affecting subprime borrowers and below, as financial institutions wouldn’t be able to cover lending costs due to the interest rate cap.

TRUMP CALLS FOR 1-YEAR 10% CAP ON CREDIT CARD INTEREST RATES

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credit cards

Credit card interest rate caps would have an impact on cardholders across the spectrum of credit scores. (iStock)

The analysis estimated that between 71% and 84% of prime borrowers would either lose access to credit cards altogether or have credit lines reduced under a 10% cap.

Super-prime borrowers, who have the highest credit ratings with scores above 780, would also be affected by a 10% rate cap or even a 15% rate cap, as they currently face an average interest rate between 13% to 18% for existing accounts and 17% to 21% for new accounts. One such impact would be that credit card rewards programs could be curtailed through less generous incentives, or such rewards programs could be eliminated altogether.

A 20% interest rate cap would affect about 70% to 75% of all borrowers, or roughly 129 million to 140 million cardholders.

“We need maybe more financial literacy in this country because you are going to pay a very hefty interest rate if you don’t pay your credit card on time and the rates are high, but that’s because you’re not supposed to borrow on your credit card, and a lot of people do that and that’s how they get into financial trouble,” Moore said.

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EX-TRUMP ADVISOR RAISES ALARM OVER BIPARTISAN CREDIT CARD PLAN THAT COULD HURT AMERICANS

President Donald Trump

President Donald Trump called for a one-year 10% interest rate cap. (Saul Loeb/AFP via Getty Images)

Moore noted that an unintended consequence of credit card interest rate cap proposals is that it could force consumers who need funds to seek out payday loans, which have an average interest rate of near 400% APR.

“The kind of do-gooders in Washington say they’re going to do this to help people stay out of debt… They don’t want payday lenders, they want to make it harder for people to use credit cards,” Moore said. “Well, what are people going to do, go to a loan shark to get money in a hurry?”

“The alternative to paying a high interest rate on a credit card can be even worse for people,” he added.

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Moore also said that credit cards play a significant role in how consumers engage in economic activity and that policymakers shouldn’t risk disrupting an important tool for consumers.

“Credit cards have become pretty ubiquitous in the U.S. and it’s by far the number one way people pay for transactions. The amount of money that people are spending on credit cards continues to escalate,” Moore said. “It’s a very convenient way for people to pay for things, it’s good for merchants, it’s good for customers, it’s good for banks – let’s not interfere with a system that’s working.”

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