Predatory lenders often exact fees at a rate equivalent to an annual rate of 300 to 800 percent. Grace Period offers an alternative.
Members from more than 500 congregations marched in Charlotte, North Carolina, last October as part of the “10 Percent Is Enough” campaign. While conceding that careless spending is the chief cause of consumer debt and needs to be addressed, march organizers object to credit companies' enticing offers of easy credit, their increased interest rates and their profitable penalties. The "10 percent" campaign proposes a cap on interest rates.