Wouldn’t it be great if all credit cards charged no more than 10% interest?
That’s the goal of Metro IAF, a group of inter-faith organizations from the East Coast and Midwest. Check out www.10percentisenough.org.
Now you might argue that it is not the government’s place to tell private banks what they can charge on their credit cards. And I might agree with you. But is it the government’s place to bail out private banks when they fail?
When the banks were in trouble the people bailed them out. Now the people are in trouble and the banks want 30% to help them. Where is the love?
Throughout history, civilizations have had usury laws to prevent the rich from taking unfair advantage of the poor. The U.S. has virtually done away with them. I don’t know where fair interest rates stop and usury begins, but it seems to me that banks have been settling more on the usurious side of late.
A handful of ministers from Metro IAF told me that Citigroup CEO Vikram Pandit supported their efforts to establish a 10% cap on credit card rates.
Click here to read what Pandit had to say about that.