Usury rates Citibank - 33%
Date: Mon, 11/12/2007 - 19:26
They love to call you all day long.
Don't get a credit card from citibank.
That sounds like the default rate. It is always important to rea
That sounds like the default rate. It is always important to read a contract before you sign it. When you default you have agreed to pay those charges and you promise to pay the balance in full when they ask for it.
Always read the contract.
Blatt, Correct me if I'm wrong, your 'name' is referring to B
Blatt,
Correct me if I'm wrong, your 'name' is referring to Blatt, Hasenmiller, Leibsker & Moore - a collection attorney in Chicago...
Unfortunately, and to my knowledge, 33% is not considered usury in any state. The states that do have rate caps usually set it at 36%. That being said, FYI is right that your cardmember agreement probably has a default clause that jumps the rate up if you become delinquent. That is something they had to disclose by law when you first opened your card; and if you received the disclosure and continued to use the card, then you acknowledged your acceptance of those terms and conditions.
As for Blatt, just a heads up that they are a collection law firm and will eventually file a lawsuit if you do not take care of the account.
Usury
In illinois there is a usuary rate of 20%, the law is under Illinois Compiled Statues Section 39-1. there is a ton of information on Credit Wrench and on Jurisdictionary.
