Ask Terry Questions Usury laws

Usury laws

By Terry Savage on September 26, 2023 | Credit/Debt

Do Usury laws still exist? If so, how can credit card companies charge such ridiculously high interest rates?

Terry Says

I know exactly what you mean! Someone at NerdWallet has done the research for me, so read this article:

Check out the graphic. You’ll be astounded to learn — as was I — that in Ohio the rate isn’t usury until it hits 145%. Yes, you read that right!! And in Mississippi, it’s over 300%, while Alabama is 94%!!!
In Illinois, its 36% — and many card companies are getting close to that limit.



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