Credit card companies now base their operations in states without restrictions on exhorbitant interest rates, and use these bases to charge those rates in states that do have restrictions. I recently charged $130 on my Chase card, and somehow the bill got mislaid in the mail. The next bill had a "late charge" of $30, which is a whopping 277% interest rate. Chase informed me that in the current economic climate they no longer waive late charges, and the interest rate is legal where they are based.
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