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Credit card late fees to be capped at $8
Posted on 3/5/24 at 4:25 pm
Posted on 3/5/24 at 4:25 pm
quote:
The Biden administration announced a rule Tuesday to cap all credit card late fees at $8, or about one-quarter of the average late fee of $32. It's the latest effort from the White House to attack what it calls "junk fees," or excessive fees that can push up the end price of products.
The Consumer Financial Protection Bureau's new regulations will set a ceiling of $8 for most credit card late fees, or require banks to show why they should charge more than $8 for such a fee. The effort will save Americans up to $10 billion a year, the agency estimates.
The push comes a year after President Joe Biden vowed to ban junk fees in his 2023 State of the Union address, calling them "unfair." Junk fees generate big money for businesses, ranging from airlines to financial services firms, with consumers paying at $90 billion annually in excessive charges, the White House said on Tuesday.
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Posted on 3/5/24 at 4:27 pm to RLDSC FAN
Making everything more expensive for those of us who already pay on time. I love this admin
Posted on 3/5/24 at 4:28 pm to RLDSC FAN
stupid for 2 big reasons:
1) it interferes w/ free-market principles
2) banks will find other, more obscure ways to fill that gap (i.e. new fees, more verification checks to approve loans that'll require more money, etc)
1) it interferes w/ free-market principles
2) banks will find other, more obscure ways to fill that gap (i.e. new fees, more verification checks to approve loans that'll require more money, etc)
Posted on 3/5/24 at 4:29 pm to RLDSC FAN
Posted on 3/5/24 at 4:30 pm to RLDSC FAN
They know their base
Posted on 3/5/24 at 4:30 pm to RLDSC FAN
Ok, no problem. Everyone's interest rates on carried balances just got bumped by a few basis points. QED. Americans are going to pay a shite ton more than $10B in interest payments. Credit card debt exceeds a trillion dollars.
Bravo.
Bravo.
Posted on 3/5/24 at 4:32 pm to RLDSC FAN
They love rewarding people who don’t respect the concept of debt. They love reducing accountability in any way they can. There are plenty of junk fees to attack without lumping in punishments for people who don’t pay their debts. This is just more cheap vote buying like the student debt cancellations.
This post was edited on 3/5/24 at 4:33 pm
Posted on 3/5/24 at 4:36 pm to Mountain89
quote:
it interferes w/ free-market principles
Posted on 3/5/24 at 4:37 pm to RLDSC FAN
quote:
Credit card late fees to be capped at $8
In unrelated news, over the limit fees increasing to 30% of the balance
Posted on 3/5/24 at 4:37 pm to RLDSC FAN
So how does this help those who actually pay their bills on time?
Posted on 3/5/24 at 4:38 pm to RLDSC FAN
quote:
The effort will save Americans up to $10 billion a year, the agency estimates.
$10B more for the FedGov to tax.
Posted on 3/5/24 at 4:39 pm to Beessnax
quote:
So how does this help those who actually pay their bills on time?
Do you need help?
Posted on 3/5/24 at 4:40 pm to When in Rome
quote:
They love rewarding people who don’t respect the concept of debt. They love reducing accountability in any way they can. There are plenty of junk fees to attack without lumping in punishments for people who don’t pay their debts. This is just more cheap vote buying like the student debt cancellations.
Well put and undeniable truth
Posted on 3/5/24 at 4:41 pm to RLDSC FAN
If you don’t like the terms of your credit card, either don’t pay late or get another one. The government has no business interfering with this shite.
Posted on 3/5/24 at 4:44 pm to RLDSC FAN
I just feel as if there were only some way to avoid having to pay a late fee. I can't quite think of what it would be, though.
Posted on 3/5/24 at 4:46 pm to RLDSC FAN
I have never paid a credit card late fee. Must be because I am white.
Posted on 3/5/24 at 4:48 pm to RLDSC FAN
quote:
Credit card late fees to be capped at $8
Rewarding people for irresponsibility. Sound about right for this administration.
Posted on 3/5/24 at 4:52 pm to RLDSC FAN
Another dumb idea
Posted on 3/5/24 at 4:56 pm to RLDSC FAN
Go after Ticketmaster instead. No reason a $50 concert ticket should end up costing me over $75 due to BS fees and taxes.
This post was edited on 3/5/24 at 4:57 pm
Posted on 3/5/24 at 5:00 pm to RLDSC FAN
Credit card Management: Our fees are dropping from $32 to $8. What shall we do?
Answer: Just up the interest rates accordingly.
Problem solved.
Answer: Just up the interest rates accordingly.
Problem solved.
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