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Usury Laws

Every state establishes a ceiling interest rate that can be charged by creditors. If a creditor charges an interest rate higher than the rate established by the state, the penalties to the creditor can be severe. Such penalties may include the forfeiture of the principal debt owed to the creditor by the debtor. Debtors that are subjected to high interest rates should consult the usury laws in that state to determine whether these laws may apply.

Inside Usury Laws