John (now Lord) McFall hauled credit card company bosses before the Treasury Select Committee, when he chaired it during the last Parliament, to be scragged
over usurious interest rates.
Fortunately, state Sen. Rob Ortt (R - Lockport) and Assemblyman William Magnarelli (D - Syracuse) have introduced a bill that would protect New Yorkers
from usurious interest rates by requiring the industry to comply with existing lending laws.
Credit card companies in some countries have been accused by consumer organisations of lending
at usurious interest rates and making money out of frivolous «extra charges».
A major portion of the credit card reform was to assist consumers in fighting
against usurious interest rates and abusive late fees and over-the-limit fees.
$ 109 Million Settlement against Rent - A-Center ($ 109 Million)-- class action suit against Rent - A-Center in New Jersey for charging consumers
hidden usurious interest rates in violation of New Jersey State Law.
Yes, lenders will push up interest rates on bad credit personal loans, but that does not necessarily mean that folks with bad credit will
pay usurious interest rates.
You will either get charged outrageous fees and
usurious interest rates, or you will be left hanging after you have divulged all your personal and financial information.
That hurts, especially considering
the usurious interest rates (mine is 19.5 %) charged by the card companies, but hey it was my fault.
If your interest rate is higher than those two combined I'd suggest a part time job to pay
that usurious interest rate off quicker.