What does the SCRA primarily cap interest rates at for military members?

The Servicemembers Civil Relief Act (SCRA) primarily caps interest rates at 6% for military members who are called to active duty. This cap applies to a variety of financial obligations, including credit cards, mortgages, and other loans, which helps to alleviate the financial burden on service members by preventing excessive interest rate increases during their time of service. The SCRA is designed to protect military personnel and their families by ensuring that they do not face unnecessary financial strain while they are serving their country. This provision aims to provide peace of mind and financial stability, allowing service members to focus on their duties without the added stress of unmanageable debt due to high interest rates.