Fair and Justifiable Credit Card Interest Rate Act of 2008
The Credit Card Companies had better watch out - the floodgates have opened and they are standing in the river bed.
The Fair and Justifiable Credit Card Interest Rate Act of 2008 was introduced into the House of Representatives today. Arguing that the Federal Reserve proposal is a good first step but doesn’t go nearly far enough, it proposes to cap the interest rate that credit card companies can charge consumers at 20%. It is reminiscent of state efforts to cap the interest rate on predatory payday loans through usury laws - and in fact one article today has called credit card companies legalized loan sharks.
