![]() ![]() Federally chartered credit unions have an 18% limit. There are some exceptions: The Military Lending Act caps interest for active duty servicemembers and dependents at 36% for consumer credit. One prong of the rule would lower fees for a missed payment to $8 from as much as $41. Meanwhile, the Consumer Financial Protection Bureau proposed a rule earlier this year to slash fees for late credit card payments. The legislation, the Capping Credit Card Interest Rates Act, would also aim to prevent card companies from raising other fees to evade a cap. Josh Hawley, R-Mo., introduced a bill in September to cap credit card rates - also known as the annual percentage rate, or APR - at 18%, citing "higher financial burdens" shouldered by working people. More from Personal Finance: New Labor Department rules will likely target rollovers to IRAs What strikers need to know about unemployment benefits 77-year-old widow lost $661,000 in a common tech scam Some cards - retail store cards, in particular - charge more than 30%, said Ted Rossman, industry analyst for. The average interest rate for all cardholders jumped to more than 21% in August, the highest on record, according to Federal Reserve data. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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