Usury---What Constitutes It in the United States?
<p>Some years ago, I recall a professor who announced that (in the United States) charging someone an annual interest rate of 24% or more was considered <em>usury</em>.</p>
<p>The other day, someone I know in the United States received an unsolicited offer for a Toyota credit card that specified a 31.74% annual APR interest rate for cash advances and interest rates for &quot;Toyota Rewards Visa Card Purchases&quot; raging between 20.74% and 29.74% depending upon cred &quot;worthiness.&quot;</p>
<p>QUESTION: Does this not constitute <em>usury</em> anymore in the U. S.? Does the United States have usury  laws anymore; if so, what might they be?</p>
<p>I ask this because, for example, if someone borrowed, say, $100,000 at 31.74% and paid virtually nothing on the balance, the debt would rise to $200,000 in a little over two years. This seems to me, that without just usury laws, Americans are subjected to a &quot;legal&quot; form of gouging.</p>

<h2>There is no <a href="https://www.bankrate.com/finance/credit-cards/does-law-cap-credit-card-interest-rates/" rel="noreferrer">usury</a> on Credit Cards in the USA</h2>
<p>Legally, usury is charging interest rates above the mandated maximum. Due to ongoing successful lobbying by card providers, there is no maximum on credit cards. Some protections around disclosure and transparency were passed in 2009, which is why you can so easily quote the figures.</p>
<p>However, even in jurisdictions where there are caps, the rates you quote may not exceed them. For example, in Australia, the maximum rate is 48%.</p>

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