In a world where credit card interest rates can go as high if not higher than 30% a new law being introduced by Congresswoman Louise M. Slaughter (D-NY-28), Chairwoman of the House Committee on Rules and Rep. John Tierney (D-MA-6) representative is attempting to help Americans manage their debt more efficiently by capping credit card interest rates at 16%.
This bill would make it illegal for credit card companies to ever charge you more than 16% on your credit cards regarless of being late on payments. For many families who have missed a payment on one credit card and been introduced to a universal default on all cards this will be a big relief. This bill also limits late fees and non sufficient funds fees to $15. Bottomline, if the “Restoring America’s Commitment to Consumers Act” is passed it would be a great victory for consumers.
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