| July 27, 2009

Protests held for interest rate limits

One issue for people dealing with debt problems is that some institutions are forcing higher interest rates.

The Metro Industrial Areas Foundation recently helped organize protests in a number of cities against high interest rates, which includes rates on mortgages and credit card debt. The protests were held both in the U.S. and abroad, and included cities such as Boston, London and Washington, D.C.

The foundation is calling for a national 10 percent cap on all interest rates. According to the Washington Post, a number of states do have interest rate caps. However, those caps do not apply to institutions that have a national charter, which includes credit card companies.

Though the new Credit Card Accountability, Responsibility and Disclosure Act that takes full effect in February of 2010 has provisions requiring card companies to alert consumers to interest rate increases, the foundation’s websites states that the act does not put a cap on interest rates.

And numbers indicate more people are having a difficult time paying off what they owe, which includes credit card debt. The Moody’s Credit Card Index shows that the charge-off rate on credit cards has hit 10.76 percent in June.

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