Controlling credit cards

[NewsWhore]

The chairman of the Department of Finance is to meet with the permanent commission from the Chamber of Deputies to discuss imposing a limit on the level of interest rates that banks can charge on credit cards. Ervin Novas Bello, head of the Finance Department at the Central Bank, is quoted in Diario Libre as saying that they would try to establish a ceiling for the interest rates because these are too high at present, and are not beneficial for clients. He described this initiative as a defense of consumer rights. He did point out that any limit to the interest rate would call for a reform to the monetary laws, which allow for "freedom of the market." The proposal could bring rates, which are currently at between 36 and 37%, down to between 20 and 25%.

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