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While some lawmakers work to cap interest rates, consumers may consider turning to debt consolidation for help with credit ca
01/14/2010
Many consumers may be experiencing increased interest rates on credit card debt as lenders get ready for new federal regulations.
However, some lawmakers are making a push to try and cap interest rates through a bill in the House. If passed, the measure would keep interest rates on cards from going above 16 percent, while also capping fees associated with accounts at $15.
According to Money Builder blog at Forbes.com, a hearing on the bill before the House Rules Committee has been scheduled for January 27. The bill was introduced by Louise Slaughter, a Democrat from New York, and fellow party member John Tierney, who hails from Massachusetts.
The blog notes that a similar effort in the Senate considered last year did not pass. That bill would have limited interest rates on credit card debt to 15 percent. As of right now, there is no cap on how high interest rates can go.
Given that many companies have increased rates on their customers, some people may be finding it difficult to pay off their credit card debt. One option they may consider is debt consolidation, which may help lower how much they end up paying in interest.
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