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Home > New "ceiling" for cc interest rate is 39%

New "ceiling" for cc interest rate is 39%

March 9th, 2008 at 04:57 pm

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?

2 Responses to “New "ceiling" for cc interest rate is 39%”

  1. Amber Says:
    1205125578

    OMG that is crazy...I remember when I got my first card I charged it right up and then I found this site decided to get out of debt and realized that the interest was 31.99% or something like that on the card thst i was so happy to have. Needless to say I paid it off and closed it. Here in the states some states ban this outrageous charge

  2. baselle Says:
    1205126979

    OMG is right. I complain when its 10% and I pay it all each month. This is Guido with the brass knuckles usury time.

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