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Senate Rejects Limit On Credit Card Interest Rates

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fused
Moderator Emeritus

Senate Rejects Limit On Credit Card Interest Rates

This is a loss for us, the consumers.

 

NY Times Article

Message 1 of 5
4 REPLIES 4
athensguy
Valued Contributor

Re: Senate Rejects Limit On Credit Card Interest Rates

Was there any research done or was the 15 percent just picked randomly?

I just wish they'd move up the date for ending ratejacking.
Message 2 of 5
MattH
Senior Contributor

Re: Senate Rejects Limit On Credit Card Interest Rates


@fused wrote:

This is a loss for us, the consumers.

 

NY Times Article


 

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?

 

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Message 3 of 5
Anonymous
Not applicable

Re: Senate Rejects Limit On Credit Card Interest Rates


@fused wrote:

This is a loss for us, the consumers.

 

NY Times Article


 

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.

Message 4 of 5
jhtrico1850
Regular Contributor

Re: Senate Rejects Limit On Credit Card Interest Rates

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.

 

Message 5 of 5
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