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WBUR Podcasts, Boston.

This is on point.

I'm Megachakrabardi.

Okay, if you have a credit card, find it and take a look at it.

Okay, obviously if you're driving, don't do that right now.

But do you know what your current interest rate is on that card?

So I'll give you a second to think about it.

Actually, I had to think about it for quite a while before I remembered what mine was.

Now, if you don't know, do you know where to find what the interest rate is?

Do you know if there's any legal limit to how high that interest

rate can go? Turns out that at the federal level, there is not. There is no federal law

capping credit card interest rates. Okay, so what about at the state level? Now, sure, there

are a lot of different state-level anti-usory laws, but they have some giant loopholes and exemptions and small print that render most of those state laws when it comes to credit card interest rates, kind of toothless.

Which all leads to an average credit card interest

rate in the United States today in the 20 to 22 percent APR range, meaning if you carry a balance,

you're playing 22 percent a year on that balance just in interest. So that is almost double of what it was a decade ago.

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