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Rate of interest caps would transform the bank card industry

Rate of interest caps would transform the bank card industry

A 15 % limit on rates of interest would mark an important change for the bank card industry.

At this time, based on WalletHub, the interest that is average open to individuals with exemplary credit is 14.41 percent. For those who have good credit, it is 20.31 per cent, as well as those whose credit is just reasonable, 22.57 per cent.

The bank card industry is just that is modestly competitive to your Federal Reserve, Visa and MasterCard together control 85 percent regarding the market — also it enjoys fairly high income.