According to reports from Washington, a house panel is considering capping the interest rates that credit card companies could charge at sixteen percent. The bill, which will be under debate in the Rules Panel as quickly as possible, stems to control unreasonable fees and high interest rates that put many Americans further into debt. In addition to capping credit card interest rates, the new bill would also look to cap late fees and over-the-limit fees at $15.
While U.S. consumers are trying to manage debt, which was $842.6 billion as of Nov. 18, down 1.7 percent from a year ago, there are still obstacles that most can’t get past. Delinquencies on loans at least 30 days overdue, considered a sign of future defaults, rose to 6.12 percent in October from 5.97 percent in September, Moody’s Investors Service said in a Nov. 20 report, the highest level since April. (more…)
