Tuesday, November 14, 2006

Cap on Credit Card Interest

My idea is not new, but it does address a dire need which has been shuffled to the back of the deck several times before. Here are a few links I found while searching for information related to past cases regarding credit card interest rates:


According to the latter link, it appears that New Jersey sets usury at 30%, one of the highest stated on the list.

This brings us to the debate: Should we have a national standard for legal limitations on interest, or lobby to amend the laws state by state?

I see no downside to federal reform. New Jersey has a higher average income per household and higher cost of living than most states, but percentages have a similar affect across the board.

The petition is right here: http://www.petitiononline.com/cccir299/petition.html

1 comment:

Mohawk Chieftain said...

Hmmmm... If someone gave you a dollar, would you become a bucking bronco?

And, while I puzzle over that, I'm also gonna go ponder why it is that when I went to check out your profile picture, and tried to enlarge it... to see how attractive you are, I only got the same, tiny version. I'm old and I need BIG pictures, young lady!