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Hearing on interest rate cap
Congressman "Chuy" Garcia spoke about how the service members' maximum interest rate should be extended to everyone at a hearing in Washington, D.C. Thursday.
WASHINGTON D.C. - An Illinois congressman took center stage Thursday at a hearing in Washington, D.C. about interest rates and loans.
Rep. Jesus "Chuy" Garcia (D-Ill.) spoke about how the service members' maximum interest rate should be extended to everyone.
That would cap rates at 36-percent on consumer loans.
The congressman says this will help protect Americans from predatory lending practices.
"Families take out loans with double or triple-digit interest rates to pay for the necessities of life and they quickly find themselves in a cycle of debt they can't repay," Garcia said.
Garcia plans to reintroduce a bill to extend the cap soon.