38.99% actually. Under the new "Alliance for the Family" law (issued to help us middle class folk in ES- or so they say...) banks and cc issuers cannot charge more than 38.99% interest per year. Some cc's charged up to 47%.
The interesting thing, however, is this: we always have lunch with the bank teller at our office (they have a mini-branch inside the compound) and she was telling us that they had X cc that used to charge 37%, but now they've raised the interest to 38.99%! Kind of defeats the purpose of the whole thing, doesn't it?
New "ceiling" for cc interest rate is 39%
March 9th, 2008 at 04:57 pm
March 10th, 2008 at 05:06 am 1205125578
March 10th, 2008 at 05:29 am 1205126979