Credit Card Protections Take Effect

Service members will be less likely to be victims of predatory lenders, under a set of protections that took effect recently. Interest, fees and loans to service members are now capped at 36 percent. The change, which the Obama administration and Defense Department adopted last year, presumably will end the practice of some payday lenders of imposing triple-digit interest rate loans. The ruling also facilitates service member’s ability to take claims against predatory lenders to court, by barring mandatory arbitration agreements.