Legal Question in Credit and Debt Law in Florida
Interest Rate
I have had a credit card for several years, which has recieved periodic increases in $1,000 increments at the suggestion of the credit card company. I have generally always paid more than the minimum amount due and have never had a late charge or an over-the-limit fee. Suddenly, several months ago, the company lowered my limit and raised my interest rate to 29.9%. This seems excessive to me and my question is are there any caps on the amount of interest a company can charge?
Thank you.
2 Answers from Attorneys
Re: Interest Rate
Under Florida law there are caps to the amount a company can charge you - commonly referred to as Usury. However, it is likely that your credit card is issued outside of Florida and under your credit card agreement, you have agreed to be bound by the laws of a state that does not have usury fees (i.e. Nevada, etc.).
Good luck.
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