People who pay 36% interest rate on a major charge card have to be insane! Did you know that many people in Japan still pay cash for almost everything. Maybe because charge cards just aren't a desired way today to pay for luxury items, groceries, household goods, etc., in Japan. Or maybe, because the Japanese are just plain smart about their money and have an abundance of common sense. Why go into debt when it really isn't necessary? Try to save money. Just like Joan said it took her a year to pay it off. Maybe this is a cultural problem in the USA. I say maybe.
Capped at 36%? 36% is obscene. Caps should be at 20% MAX for any business that lends money, no exemptions allowed, since the exemptions are composed of nearly all the potential lenders....classic catch 22.
I agree and also think the cap should be at 20%. Talk about greed… And the Senators touting this bill are crowing about a 36% cap. But if you think of it in terms of 300 or 400% pay day loans, 36% is good.😬
Thank you for a VERY, VERY IMPORTANT POST. I think many of the individual states had or may have had laws setting maximum interest rates, but the upper limit was raised many many times after around 1980.
In any event, a Federal law would be preferable to a multitude of state laws. For example, you might have a contract which says that disputes under the contract will be settled in accord with the laws of the State of Delaware, and Delaware may be very permissive insofar as corporate overreach is concerned. So although your state may have a statute saying that the max int rate is 15 percent, it may not be controlling if the contract at issue has a provision stating that the laws of some other state, with a much higher max rate, will govern.
Congress probably would be deemed to have authority to set a national usury law per the clause in the Constitution giving congress power to regulate interstate commerce.
However, getting such a bill through Congress might be pretty difficult. Just think of those treasonous dems such as Senator Joe Munchkinhead of West Vrrginia.
And don't forget: Joe Biden loves to pretend that hE's Joe Blue Collar (His entire act revolves around his contention that he's from Scranton and hence comes right out of a Bruce Springsteen song lamenting the problem of blue collar guys), but ACCORDING TO A NEW YOR,K TIMES ARTICLE, WRITTEN A FEW YEARS AGO, WHEN HE WAS IN THE SENATE, HIS FELLOW SENATORS CALLED HIM THE SENATOR FROM MASTERCARD.
People who pay 36% interest rate on a major charge card have to be insane! Did you know that many people in Japan still pay cash for almost everything. Maybe because charge cards just aren't a desired way today to pay for luxury items, groceries, household goods, etc., in Japan. Or maybe, because the Japanese are just plain smart about their money and have an abundance of common sense. Why go into debt when it really isn't necessary? Try to save money. Just like Joan said it took her a year to pay it off. Maybe this is a cultural problem in the USA. I say maybe.
Capped at 36%? 36% is obscene. Caps should be at 20% MAX for any business that lends money, no exemptions allowed, since the exemptions are composed of nearly all the potential lenders....classic catch 22.
I agree and also think the cap should be at 20%. Talk about greed… And the Senators touting this bill are crowing about a 36% cap. But if you think of it in terms of 300 or 400% pay day loans, 36% is good.😬
Thank you for a VERY, VERY IMPORTANT POST. I think many of the individual states had or may have had laws setting maximum interest rates, but the upper limit was raised many many times after around 1980.
In any event, a Federal law would be preferable to a multitude of state laws. For example, you might have a contract which says that disputes under the contract will be settled in accord with the laws of the State of Delaware, and Delaware may be very permissive insofar as corporate overreach is concerned. So although your state may have a statute saying that the max int rate is 15 percent, it may not be controlling if the contract at issue has a provision stating that the laws of some other state, with a much higher max rate, will govern.
Congress probably would be deemed to have authority to set a national usury law per the clause in the Constitution giving congress power to regulate interstate commerce.
However, getting such a bill through Congress might be pretty difficult. Just think of those treasonous dems such as Senator Joe Munchkinhead of West Vrrginia.
And don't forget: Joe Biden loves to pretend that hE's Joe Blue Collar (His entire act revolves around his contention that he's from Scranton and hence comes right out of a Bruce Springsteen song lamenting the problem of blue collar guys), but ACCORDING TO A NEW YOR,K TIMES ARTICLE, WRITTEN A FEW YEARS AGO, WHEN HE WAS IN THE SENATE, HIS FELLOW SENATORS CALLED HIM THE SENATOR FROM MASTERCARD.