High interest charges being charged by banks and other lending institutions is the root cause of Americas' down fall. For most Americans, buying on credit is the only way to purchase goods, or services. However with the high interest rates banks are charging, paying off the loans now takes years longer for the average American. Imagine having a 14% interest rate cap on loans instead of 29.99% or higher that banks are currently charging. Years ago, someone charging 25% interest on a loan was called a loan shark., Today that term does not exist, it is regular banking practice. Someone having to buy with credit should not be punished or taken advantage of.
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