Senate refuses to cap credit card interest rates at 15%

Courtesy Digg - Business & Finance  Thu, 05/14/2009 - 09:50

Never mind that credit union interest rates are capped at 15 percent already. The effort by Senator Bernie Sanders, the Vermont independent, drew only 33 votes and needed 60.

One-third of all credit card holders are paying interest above 20 percent and as high as 41 percent, but the banks own the Senate.


 

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