Lower Cap on Credit Card Interest.

This bill, HB 508, proposes to lower the maximum interest rate that can be charged on certain open-end credit plans, including revolving credit card accounts, in North Carolina. It reduces the aggregate monthly interest rate cap from one and one-half percent (1.5%) to one and seventeen hundredths percent (1.17%) on the unpaid balance. These changes directly affect consumers who use credit cards and the lenders who provide these services, taking effect for charges made on or after October 1, 2025.