when did this change? i charged a flight ticket with bill me latter and interest was 38.5! yikes when did this become legal
2007-10-24 04:40:56 · 2 answers · asked by afarmboy87 2 in Business & Finance ➔ Credit
Each state regulates what interest rate you can charge in particular areas. Some are more than other and can depend on the type of service or goods you are purchasing. Such as if you purchase a car in South Carolina with poor credit you could be charged with 29% interest, but in Indiana you are capped at 21% interest by the state. Any legitimate business such as an airline would operate under the state interest laws where there corporate headquarters is located. And be sure they charged you the highest rate possible to change you airline ticket. Loan Sharking is another issue all together, but the interest that you paid to change your ticket would fall under what is discussed above!
2007-10-24 04:59:33 · answer #1 · answered by studrandall17 2 · 0⤊ 0⤋
I worked for pay day loan and it was close to 35 percent interest. incredible
2007-10-24 04:49:00 · answer #2 · answered by Michael M 7 · 0⤊ 0⤋