Chicago Bankruptcy Lawyers & Attorneys

Legislation introduced by two Democratic U.S. Representatives would cap credit card interest rates at 16 percent. The Rules panel will hold a hearing on the bill as soon as possibe. Louise Slaughter of New York stated that ” it’s time for Congress to put the needs of the people ahead of banks and card issuers.” The cap would also cap late fees and over-the-limit fees at $15.00.
When the Senate debated the credit card rules in May, it blocked a national 15% rate cap proposed by Senator Bernie Sanders of Vermont.

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