What is usury, and how does it relate to the cost of consumer credit?

What is usury, and how does it relate to the cost of consumer credit?

Expert Solution

Usury is the practice of lending money at interest rate which is considered unreasonably high or which is higher than what is permitted by law. There are regulations which govern amount of interest that can be charged on loan or consumer credit. Thus usury relates to consumer credit as the practice of charging excessively high rates on loans.

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