Credit card interest rates may rise above 30%. The Supreme Court has overturned a 2008 NCDRC decision that prevented banks from charging 36-49% interest.
Do you use a credit card? Be cautious of high-interest debt! Disappointing news for credit card users.
The NCDRC's decision on the 30% interest rate cap has been overturned. Credit card interest rates may now exceed 30%, impacting those who fail to pay on time.
In 2008, the NCDRC reprimanded banks for charging interest rates of 36-49% on outstanding credit card balances.
On Friday, the Supreme Court overturned the 2008 NCDRC decision. The NCDRC had criticized banks for charging 36-49% interest on outstanding credit card balances.
The Supreme Court overturned the National Consumer Disputes Redressal Commission's 2008 decision, ruling that charging over 30% interest on outstanding credit card balances is unfair.
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