Made Full Credit Card Payment

If you're on your death bed, you don't need cash, nor would you need to worry about paying back any loans.

Well if time comes and I've no other work left I'll surely file a PIL. I'll do all the ground work till then. May be for my next generation things are better.

Ganesh

Are there really no celling values set to the bank's "rate of interest" by the GOVERNMENT?

In message , Ganesh writes

Whys should the Government get involved?

Which government? US, UK, what?

There are terms such as "usurious interest rate" which indicates that at least at one time there were ceilings on the interest rate in the USA. (And in the 1960's in the USA, there was a limit of the maximum interest rate banks could pay YOU on a savings account (about 5%) and on a checking account (ZERO).)

At that time, there were "loan sharks" who made loans with illegally high interest rates and often used your kneecaps as collateral on loans. These interest rates were bargains compared with todays "payday loans".

When and why were these interest celling removed? I am from India. On who's mandate the government took these off? How does these decisions from the Government help the society on a whole? I don't mind knowing the US, UK decisions taken, so if I can understand the logic involved may be my curiosity is automatically solved. Because India mostly adopts US or UK's style of working.

Ganesh