Credit cards featuring interest rates of maximum 16 percent may sound too good to be true, but if a number of congressional Democrats have their way, this could be coming soon to a credit card near you.

Last Wednesday, U.S. Rep. Louise Slaughter, D-Fairport said she planned to introduce legislation next week which, if passed, would cap credit card interest rates across the board at 16 percent APR. The bill, referred to as the Renewing America’s Commitment to Consumers Act, would also limit credit card fees, including late fees, to a maximum of $15.

“Watching how credit card companies have exploited people by increasing rates up to 30 percent and more is criminal, and this bill will allow us to put an end to this,” Representative Slaughter said in a statement announcing the bill. “Thin

Read full article…