Forget the Middle Ages or southern Asia, we got usury issues in the U.S. Senator Richard Durbin is trying to cap interest rates, but I don’t know how a 36% interest cap would help the situation. This is what some of the ridiculously-high interest rates currently look like in practice, according to Consumerist:

  • A 3,500% APR on a bank overdraft protection loan means that if you overdraw your account by one cent, you will be charged $35.
  • A 400% APR on a payday loan means that if you take out a $200 loan, you will be charged about $34 for the two-week loan.
  • A 30% rate on a $1,000 credit card balance will work out to about $170 if you pay off the balance in one year (with payments of about $95/month).
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