The main purpose of this legislation is to protect consumers by capping credit card interest rates at 10 percent. This aims to make credit more affordable and reduce the financial burden on individuals who rely on credit cards for their purchases. The key provisions of the law include a strict limit on the annual percentage rate (APR) that can be charged on credit card debt, which cannot exceed 10 percent. This limit applies to all finance charges associated with credit cards. Additionally, any fees that are not classified as finance charges cannot be used to bypass this interest rate cap.