Guns are by far the most lethal method of commonly-used methods of self-harm, with a fatality rate of about 90%. By contrast, less than 4% of people who attempt suicide using other methods will die, and the vast majority of people who survive a suicide attempt do not go on to die by suicide. Although guns are used in less than 6% of suicide attempts, more than half of suicide deaths are by gun. Research suggests that reduced suicide attempts by gun would result in an overall decline in the suicide rate by an estimated 20 to 38%. And in a study of statewide suicide rate changes between 2013 and 2014, states with waiting periods saw a decrease in suicide rates, while those without waiting period laws had an increase.

Unlike the Charleston Loophole, which affects gun buyers whose records require further investigation to determine if they are prohibited, a waiting period applies to all gun buyers. This provides a “cooling off” period for the people who might reconsider their intentions in the interim.