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A national interest rate cap requires CongressUnder current federal law, nationwide limits on credit card interest rates are scarce, consumer advocates say. Likewise, federal credit unions are typically restricted to an 18% interest rate on their credit cards. “A president cannot set a cap on credit card interest rates,” said Rust. A 10% interest rate cap could backfireFinancial experts on both sides of the debate expressed concerns that a 10% interest rate cap could backfire on consumers in various ways. “Otherwise, it is a game of whack-a-mole.”In 2022, credit card issuers charged $14 billion in late fees, he noted.
Persons: Donald Trump, Trump, , Kamala Harris, It’s, Trump’s, Ted Rossman, ” Rossman, Karoline Leavitt, ” Harris hasn’t, Biden, Adam Rust, Rust, , ” Rust, Lauren Saunders, Nicholas Anthony, they’re, ” Anthony, Rossman, Saunders, “ Banks Organizations: Social Security, Republican, Democratic, Federal, Bankrate, CNBC, Consumer Financial, Consumer Federation of America, Bank Act, Consumer Financial Protection Bureau, Consumer Financial Protection, National Consumer Law, Cato Institute’s Center, Monetary, Bureau, U.S . Chamber of Commerce Locations: New York, South Dakota, Delaware, Utah, U.S, Bankrate
CNN —A University of South Carolina student was fatally shot early Saturday after he tried to enter the wrong home on his own street, the Columbia Police Department said – the latest case in which someone in the US was shot after apparently approaching the wrong home. “Preliminary information indicates that Donofrio who resided on South Holly Street attempted to enter the wrong home when he was fatally shot,” the release said. Police have not released any information about who shot Donofrio, adding they would consult prosecutors in the Fifth Circuit Solicitor’s Office as they investigate. The case is the latest in which the victim appears to have gone to the wrong place at the wrong time in a nation with more guns than people. South Carolina is one of at least 28 states, plus Puerto Rico, with a so-called “stand your ground” law, according to the National Conference of State Legislatures.
Persons: Nicholas Anthony Donofrio, Donofrio Organizations: CNN, University of South, Columbia Police Department, Coroner’s Office, Police, South Holly Street, South Holly, Circuit, Office, Puerto Rico, National Conference of State Legislatures Locations: University of South Carolina, Connecticut, Richland, South Holly, Columbia, South, Missouri, New York, South Carolina, Puerto
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