Senate Strikes Down Credit Card Rate Cap
May 15th, 2009 @ 9:24 AM by Ben Meyer
A proposal by Vermont independent Bernard Sanders to put a cap on credit card interest rates at 15% went down hard to a bi-partisan coalition. The proposal got only 33 votes while 60 senators voted against. Major credit card reform is still in the works and some who voted against the proposal said they were against the cap because they thought it would doom the bill as a whole. According to Sanders, a third of Americans pay interest rates over 20% and some as high as 40%.
About Ben Meyer
Ben Meyer is the Editorial Director of Loan.com
Ben Meyer is the Editorial Director of Loan.com
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