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.
- U.S. House of Representatives
- U.S. Senate
Credit card companies are charging usurious interest rates like the MAFIA loan sharks of the thirties. Legal statutory reduction of these rates was considered but defeated by intensive lobbying by the credit card industry. It is time to reconsider.
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