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|Delaware, Montgomery, Chester, Berks, Lancaster Counties, PA||May 20, 2014 Election|
Credit Card Interest Rates
By Mary Ellen BalchunisCandidate for US Representative; Pennsylvania Congressional District; District 7; Democratic Party
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Average Americans are getting crushed, getting further in debt with credit card interest rates approaching 28%. I will work to change this predatory practice.I say Congress must tell the credit card companies, "Enough is enough!" Since 1978, when the Supreme Court allowed national banks to avoid the credit card interest caps imposed by most states, credit card may and do charge consumers whatever they want. In 2008, there was major credit card reform, but a key reform that did not pass was a 15% on interest rates. In 2012, House Democrats tried to set 16% interest rate cap on credit cards; again it failed.
We deserve better. Many Americans use their credit card responsibly, for emergencies and durable goods, but are crushed by credit card interest rates approaching 28%. An analysis performed by an organization whose purpose it is to guide students through higher education found that customers, who make only their minimum payments on a $1,000 credit card debt, pay it off in about ten years at 10% interest, 16 years at 16% and over fifty years 22% or above.
I pledge to work for a rational credit card interest cap of about 16%, protecting consumers from usurious interest rates. Working people as they try to balance their budgets at their kitchen tables deserve reasonable protections from Wall Street predatory practices.
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