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@fused wrote:This is a loss for us, the consumers.
Even if they couldn't get a national limit passed, couldn't they at the very least have passed a law reversing the notorious 1978 Supreme Court decision that eviscerated State usury laws?
@fused wrote:This is a loss for us, the consumers.
Let me disclaim first: My comments are economics related, not political.
Price fixing is, in economical terms, almost always bad idea in any industry. And interest is a price, to put a ceiling or floor always has unintended consequences which tend to be worse than the original issue for which the floor or ceiling was enacted.
That's crazy, capping at 15%? How would they spread the risk around? The point of 15%? My Dad is getting knocked around with 2 cards at 29%+, if they could have capped it at 25%, that would have been some relief. The industry kind of self regulates to not really go much past 29% anyhow.