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New Mexico just joined the growing list of states to cap loan interest rates at 36%. While still onerous compared to conventional bank loans, it’s a far cry from the up to 175% annual interest rates some store front businesses were charging. In New Mexico, proponents of the interest rate limit noted that 60% of the high interest establishments were within 10 miles of Native reservation boundaries. Today on Native America Calling, we find out about how interest rate caps work and what alternatives there are for low-income or low credit score borrowers with Ahtza Dawn Chavez (Diné/Kewa Pueblo), executive director of NAVA; Kristina Fisher, associate director at Think New Mexico; and Kristen Stambach, director of lending at Four Bands.
Break 1 Music: Anasazi Sun (song) Injunuity (artist) Fight for Survival (album)
Break 2 music: The Water Will Cleanse Me (song) Russell Wallace (artist) Unceded Tongues (album)