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Why caps on debt interest rates may not help consumers save [Video]

Rising credit interest rates have made it even more expensive to carry debts.

But a proposal in Congress that would cap rates on consumer loans at 36% may not be an effective way of curbing those higher costs of borrowing, according to new research from the Urban Institute’s Financial Well-Being Data Hub.

The report examines the effects of a previous policy, the 2015 expansion of the Military Lending Act, which also extended a 36% cap on annual percentage rates for revolving credit such as credit cards and overdraft lines of credit.

But the changes did not effectively result in enhanced consumer protections, the Urban Institute’s research found.

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One key reason why: The average APR on revolving loans was 17%, based on credit bureau data on residents of military communities with subprime credit scores.

The research focused on individuals with subprime …

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Personal Branding

"The Last of Us" irresponsibly promotes a fear of mushrooms [Video]

Esteemed mycologist Paul Stamets claims that science fiction TV series The Last of Us is "exploiting mycophobia: the fear of fungi when mushrooms could actually "save the world," as he explains in the TED Talk below. From the Daily Grail: The use of a zombifying fungus in the storyline wasreportedly inspiredby a segment on[the mushroom