Friday, February 27, 2009

LEJ endorses cap on interest rates

Lawyers for Equal Justice endorses a cap on interest rates for consumer credit at 36 percent annually. The “Protecting Consumers from Unreasonable Credit Rates Act” would implement a key promise made by President Obama to extend to all Americans Congressional protection against predatory lending for Service members and their families. By limiting the total cost of consumer credit to 36 percent, Congress will keep billions of dollars in the hands of low and moderate-income consumers, helping to stimulate the economy without costing taxpayers a penny.

Many other organizations joined in coalition to support this bill. Click here to read the entire letter.

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