May 14, 2009

Who Killed the Cap on Credit Card Interest Rates?

Photo by flickr user <a href="http://www.flickr.com/photos/andresrueda/3027534098" target="blank">Andres Rueda</a>.

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Public support for a crackdown on shady credit card lending practices is practically stratospheric right now, and yet Congress still couldn’t bring itself to buck the industry and crack down on exorbitant interest rates. An amendment in the Senate that would have capped interest rates at 15 percent failed decisvely, winning just 33 votes. (The only Republican to back the measure was Charles Grassley; you can see the full list of senators who shot down the proposal here.)

James Ridgeway has the rundown on Congress’ half-hearted feint at credit card reform here. And don’t miss Kevin Drum’s posts on the industry’s lousy business practices and its trusty friends in Congress.     

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