It is in part the usurous 29.95% interest rate on credit cards that has caused economic problems in the U.S. Heavy advertising encouraging people to use their credit cards encouraged people to overspend. The major benefactor of this rate has been the credit card and banking systems. The lowering of the interest rate maximum will force the banks to be more circumspect in how they grant credit limits and allow individuals to make less risky decisions about using credit. As it stands now, missing a single on-time payment for any reason is grounds for the jump to the highest interest rate.
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