Usury laws
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:
https://www.nerdwallet.com/article/loans/personal-loans/usury-laws
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.