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Q: usurious late fees ( No Answer,   1 Comment )
Subject: usurious late fees
Category: Business and Money > Consulting
Asked by: nanito-ga
List Price: $50.00
Posted: 19 Mar 2006 23:03 PST
Expires: 19 Apr 2006 00:03 PDT
Question ID: 709444
A billing company  I contract with is chargin me 10% MONTHLY fees on unpaid
balances. Is it legal?

Request for Question Clarification by techtor-ga on 19 Mar 2006 23:13 PST
Where are you located? If in the United States, it would depend on the
laws of the particular state you are in. And check the policies of
that billing company, if you can, so you could compare them to the
state rules.
There is no answer at this time.

Subject: Re: usurious late fees
From: jack_of_few_trades-ga on 20 Mar 2006 06:00 PST
Unfortunately the usury limits are very complicated and often do not
apply to all lenders.  Here is a site that seems to be up to date on
the limits for every state:

If there is any way to borrow the money from another source to pay off
this insanely high interest account you have, do it.  They are likely
within their legal limits, but obviously not within any moral limits.

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