Letter: Credit card issuers charge too much
The Consumer Financial Protection Bureau is testing a prototype credit card agreement that the White House says is shorter and written in plain language. (May 4, 2011) Credit: AP
In a story about the man accused of loan-sharking, Newsday quoted Nassau District Attorney Kathleen Rice saying, "Any loan with an annual interest rate of more than 25 percent is considered criminal" ["Man accused of loan-sharking," News, Dec. 8].
Can you please add that, therefore, credit card issuers who are charging 29.99 percent are also considered criminal? In my book, the banks are criminal for charging Mafia-type loan rates.
Why aren't Rice and her department filing charges against banks for this?
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