Actually, there are currently several states where there is no Federal cap on interest rates. Meaning, if a consumer is issued a card by a lender who is located in that state, the lender could potentially charge any interest rate they want. Those states are the following:
South Dakota Utah Virginia Delaware New Hampshire
With that being said, recent statistics suggest that the average interest rate charged once the consumer defaults on their monthly payments is roughly 32.5%.
Actually, there are currently several states where there is no Federal cap on interest rates. Meaning, if a consumer is issued a card by a lender who is located in that state, the lender could potentially charge any interest rate they want. Those states are the following:
ReplyDeleteSouth Dakota
Utah
Virginia
Delaware
New Hampshire
With that being said, recent statistics suggest that the average interest rate charged once the consumer defaults on their monthly payments is roughly 32.5%.