End Usury in America!
We, the undersigned, believe that usury should be illegal in America. Excessive fees and Interest rates from 15% to 300% and beyond are unjust, immoral and should be illegal.
"Penalty fees from credit cards will add up to about $20.5 billion in 2009, according to R. K. Hammer, a consultant to the credit card industry." (Source: New York Times, September 2009)
Billions of dollars are being made in fees and by charging obscenely high interest rates while honest American families are suffering in debt. Interest rates will only continue to rise if we don't limit them now.
"For the first time since IndexCreditCards.com began tracking rates in 2005, the average credit card rate has broken 16% -- jumping to 16.36% today, from 15.94% at this time last month." (Source: Credit Card Monitor, December 8, 2009)
We cannot wait another year. We have to end usury in America today! We believe that a national interest rate cap should be set at 12%. All national banks and official lenders must comply to this limit.
There has been talk of new legislation that would limit interest rates in both the House of Representatives and the Senate. Let this petition be a message to our government that we both support and demand legislation that promotes moral and fair interest rate limits in America. We will stop the cycle of greed in our financial system. We demand an end to usury in America!