Credit Card Interest Rates - Corruption?
1. The needed correction of the Banking Act identified by the U. S. Supreme Court in 1978 has not been enacted by the U. S. Congress in the 38 years since – which allows Banks to continue to Charge Exorbitant Credit Card Interest Rates that Violate the Usury Laws of States.
2. Banks charge as much as 21.99% interest on credit card unpaid balances in Arkansas even though the Arkansas Constitution states that the maximum interest rate that can be charged is 5 % above the Federal Discount rate of approximately 1 % for a total max of 6 %.
3. Arkansas is far from being the only state whose citizens are victimized by this inaction of the U. S. Congress.
4. The Media has not, and will not, make this fact public despite requests.
5. Congressional members refuse to even acknowledge the fact.