Washington is currently gripped by a fervor to lower the cost of credit. From the President’s proposal to cap credit card interest rates at 10% to the recent legislation introduced in the Senate to cap late fees, the legislative intent is clear: protect consumers from high costs.
On the surface, these measures sound like the ultimate act of consumer protection. For millions of Americans staring down double-digit APRs and penalty fees, they feel like a long-overdue lifeline.
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