Lawmakers take aim at credit card interest rates, fees as cardholder debt tops $1 trillion
Collection Industry News
OCTOBER 17, 2023
There are some exceptions: The Military Lending Act caps interest for active duty servicemembers and dependents at 36% for consumer credit. Federally chartered credit unions have an 18% limit. Past legislative proposals have also sought to slash interest rates. proposed a 36% cap on consumer loans in 2021.
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