It almost sounds as if a Democrats are leading this country. They now need to put a cap on interest rates. When Clinton was governor of Arkansas, he put a cap of 12%.

Actually that wasn't Clinton. It was in the Arkansas state Constitution. It wasn't a number as I recall, but was tied to something as a usury law.

I stand to be corrected. It was a usury law. All I remembered was my sister and her husband lived in Little Rock during Clinton's term as governor and I was told by them, at that time, that their credit cards had a cap of 12%. I was a young pup then and took it at face value. It seems that Congress later passed a banking law allowing lenders to either charge interest rates from their home state or their host state. This pretty much nullified Arkansas's usury law.

It's known as the "Marquette Decision" of the US Supreme Court in 1978. Usury laws are only applicable based on the issuing bank's location, not the card holder's location.

After Marquette, all the banks moved to South Dakota and Delaware and started making their own rules.

(link...)

Incidentally, this is the same reason you don't want health insurance to start being sold across state lines in the absence of a robust new set of federal standards.