Monday, October 13, 2008

Interest Rate Caps, Foresight

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Over a year ago, in ricketyboats.blogspot.com com, I posted:

"This is fairly self explanatory. The people of this country need to pass a consititutional amendment which sets the maximum chargable interest rate at 18%, and any fees/service charges could not be used to push that figure effectively higher. Yes, South Dakota will lose its luster for credit card companies, as their 29.99 % allowable rates would be prohibited.

If you must gamble, you should not be allowed to do it with your credit cards and mortgages in such a direct fashion.

The Congress and President will of course fight this tooth and nail, supported as they are by bank and credit card lobbies. This will have to be a grass roots effort. Drive the money lenders from the temples of Washington ! "

Nowadays I am advocating an even lower rate of 14%. I wonder what they will finally adopt?

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