Rate Cap Amendment Fails
 
Democratic Senator Sheldon Whitehouse was trying to get state mandated caps on interest rates. He realized that there are many people out there that are being taken advantage of by their credit card companies and they need a little help getting back on their feet. However, that will never happen as long as credit card companies are allowed to charge whatever they want, making them almost as bad as the rates that the pay day loan people offer. Whitehouse thought that if he could get the Senate to vote in a measure that would protect people from crazy rates then he would be doing the people of Rhode Island a great service.
 
He said that it was time that they stop letting “Wall Street banks and their credit card subsidiaries…take advantage of struggling families in Rhode Island and across the nation.” However, it would appear that the banks have Rhode Island’s Senators on their side as they had no problem voting against it.
 
For those consumers that are still facing high interest rates on their credit cars, a debt consolidation might help them out. They will assuredly get a lower rate on their debt consolidation than they would get from their credit cards and it would save them a lot of money in the long run. Consumers befuddled by debt would be wise to check it out and see if they can’t get somewhere with it, and save hundreds – maybe even thousands – on their monthly bills.

 

 

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