Credit-card rates would be capped at 16% under legislation

12/15/2009 | Bloomberg

Rep. Louise Slaughter, D-N.Y., and Rep. John Tierney, D-Mass., introduced legislation that would cap credit-card interest rates at 16%. "We must do what we can to help people who are trying to make ends meet in the face of card rates that suddenly jump to 20, 25, 30 percent or even more," said Slaughter, who chairs the House Rules Committee. The bill also would curb "unreasonable fees."

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