Historically, usury rates started at 25%. After banks lobbied to change bankruptcy laws that ceiling was abolished. With today's cost of funds, should Congress establish usury for any rate above 20%?

Historically, usury rates started at 25%. After banks lobbied to change bankruptcy laws that ceiling was abolished. With today's cost of funds, should Congress establish usury for any rate above 20%?  

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karey added this 4 months, 20 days ago

Bury

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Why this poll was created

Credit card rates are unacceptable today given the low cost of funds provided by the government to commercial banks and credit card issuers.


Tags: usury, interest rates, credit cards, banks, congress
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  • 1.

    meese

    Oct 30, 2009 4:33 pm

    Sad, but true: if credit cards are lending at the same rates loan sharks charge, it means someone who can't borrow on their credit card is that much more likely to borrow from a loan shark.

  • 2.

    Ghost_Dad

    Oct 30, 2009 4:55 pm

    Any rate two people can agree on should be legal, whether it's 1% a year or 100% a month.

  • 3.

    ncannon

    Oct 30, 2009 5:11 pm

    We can't let the banksters keep taking advantage of people like this. Goldman Sachs is stealing billions in bonuses from hard-working people.

  • 4.

    hobbles

    Nov 3, 2009 1:10 pm

    The banks have exploited people for far too long. There's a place for borrowing, and a place for lending -- and that place is well under 10% per annum.

  • 5.

    KLee

    Nov 9, 2009 5:10 pm

    If you borrow at 1/4% and lend out at 35%, is that not a little too much like usury? People use to go to jail for doing that not so long ago....

  • 6.

    chlotus

    Nov 9, 2009 6:38 pm

    It's up yo us to tell Congress that this is unacceptable! Obviously they will not do anything otherwise!

  • 7.

    Ernest

    Nov 11, 2009 7:43 pm

    Is there no one in government looking out for the little guy? the Fed is willing to give billions to banks that are "too greedy" to fail but what about the hard working you and I?

  • 8.

    frab

    Nov 11, 2009 11:13 pm

    Congressmen or Senators only care if you vote for them; not if you pay 35% or 10%!

  • 9.

    Ernest

    Nov 11, 2009 11:17 pm

    Not to worry; These banks are going to have their own problems when people stop paying their credit card debt, very soon....

  • 10.

    kitten

    Nov 30, 2009 1:44 pm

    Am getting ripped off by my bank; get them to stop being scrouges!

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