Credit Card Rate Limits       
 
Lawmakers have discussed it before, but nothing really gets done about it – until now. Senator Bernie Sanders has had enough of the amount of money that credit card companies get from consumers and he wants to do something about it. Right now credit card companies can charge you more than 20% interest on money that you borrow from them and no one says a word. We have all gotten so used to having to pay it, that many think that this is just the way that it is. But Sanders disagrees.
 
Sanders has introduced new legislation that will put a national cap on the interest rates that the credit card companies can charge consumers. He said that these current loan rates are bordering on extortion and loan sharking and it cannot be allowed to continue. He said that by charging such high interest rates they are taking themselves out of the credit business for consumers and entering a more seedy area of the business.
 
He is hoping to garner some support considering the number of credit card holders out there that are struggling to pay their bills each month. The problem is that the credit card companies have so much money to fight legislation like this – obviously from the money they are taking from consumers – that they are able to keep bills like this from passing. They have a way of making it worth legislators’ while to ensure that they keep getting theirs. If you are facing high credit card bills, you might want to check into a debt consolidation which will assuredly get you a lower rate.

 

 

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