Barack Obama and Joe Biden's Campaign Promise
Support Families
Cap Outlandish Interest Rates on Payday Loans and Improve Disclosure:
In the wake of reports that some service members were paying 800 percent interest on payday loans, the U.S. Congress took bipartisan action to limit interest rates charged to service members to 36 percent. Barack Obama and Joe Biden believe that we must extend this protection to all Americans, because predatory lending continues to be a major problem for low and middle income families alike.