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Though rates may end up limited in Indiana, some may still consider consumer credit counseling to deal with rising interest
01/30/2010
Efforts are being made by legislators in Indiana, who are looking to limit the ability of lenders to offer higher interest rates.
A bill was introduced that is now being considered by the state senators. The legislation, presented by Republican Senator Brandt Hershman, would prevent public money from going to lenders that offer credit card accounts with interest rates higher than 21 percent.
"State depositories should not be biting the hands that feed them," Hershman said.
The bill would apply to more than the more than 100 lending institutions in the state that accept deposits from the government. It would also affect institutions who are applying to be able to do so and would deny them that ability if they offer card products with interest rates above 21 percent.
Rising interest rates have affected many consumers in recent months as lenders prepare to deal with the Credit Card Accountability, Responsbility and Disclosure Act. As a result, many consumers may find they cannot afford to pay off their credit card debt.
People who find themselves in that position may seek aid in a consumer credit counseling agency, which can help them through budgeting or a debt management plan.
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