According to Plastic Economy, North Carolina has the highest APR average of all the states. Is this a result of state laws that allow credit card companies to charge higher interest rates? It got me wondering.

http://www.plasticeconomy.com/stats.php

2/19/2007 10:53:12 PM

I'm moving to Washington.

2/19/2007 10:55:07 PM

I've got a pretty bad APR, I think around 20%. However I have never carried a balance over a period so it has never bitten me.

2/19/2007 11:12:57 PM

just pay it off every month and don't worry what your apr is

2/19/2007 11:14:50 PM

This can't be accurate. I don't know anyone with a CC rate anywhere near that. I mean my CC rate is 6%.

2/19/2007 11:15:08 PM

No, Usury laws have been pretty much neutered by court decisions and federal exemptions. If NC has high APRs, it is from a combination of bad credit and predatory lenders.

[Edited on February 19, 2007 at 11:21 PM. Reason : ?]

2/19/2007 11:21:16 PM

last i heard i thought there was a 21% cap on apr rates

2/19/2007 11:22:29 PM

I beleive it's actually 29%

2/19/2007 11:27:13 PM

Here's some good info on credit cards:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/more/rise.html

http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/

2/19/2007 11:33:40 PM

BEND OVER AND TAKE IT WITH NO LUBE

2/20/2007 1:15:11 AM

^^^^^^ who do you have at 6%?

2/20/2007 1:21:18 AM

^Capitol One

But I got it when interest rates were really low 4 years ago. I haven't missed any payments, so they can't raise my interest rate.

The only down side is they won't increase my credit limit, b/c my rate is so low.

2/20/2007 1:52:37 AM

^
I've had a CC company run a credit check on me and then increase my APR, despite a perfect payment history over 5 years. They got canceled pretty fast after that.

I wonder, are there other demographics (other than geography) where this behavior shows itself?

2/20/2007 5:40:58 AM

^ I had the same thing happen. With all of the small Federal Reserve rate increases over the past few years one of my cards (AT&T Universal Card) thought they would slip in a few extra increases of their own above and beyond the Fed increases. I got them to reduce it but they did it again a few months later.

I followed up with my threat and paid off the card in full. I think a lot of other people did the same thing because I got a letter a few months later saying they were discontinuing the card because of "Business reasons". I did get my final rewards check from them before they went under though.

I'm finally at the point where a CC is just for emergencies and paid off every month so I got a card through the State Employees Credit Union. Not the best rate, but at least I know they're going to follow their agreements and not try to rip me off.

-- Dave

2/20/2007 7:57:26 AM