Proposed 36% Interest Rate Cap Raises Concerns About Access to Credit, Alternatives Proposed
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Capping interest rates at 36% may limit access to credit for subprime borrowers who rely on products like payday loans, banking groups said.
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Study found capping rates for military members did not improve credit outcomes for those with subprime scores.
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Fee disclosures and installment loans may be more effective at helping borrowers than interest rate caps.
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Bill introduced to cut credit card swipe fees but could also eliminate rewards programs.
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Using a personal loan to consolidate debt can help pay off high-interest credit cards at a lower rate.