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Started By
Message
re: Credit card late fees to be capped at $8
Posted on 3/5/24 at 6:43 pm to theCrusher
Posted on 3/5/24 at 6:43 pm to theCrusher
quote:
Trump promised
quote:
For some reason
0
Posted on 3/5/24 at 6:50 pm to RLDSC FAN
I have no idea what my credit card’s late fees or interest rates are. Because I don’t pay them.
Posted on 3/5/24 at 6:54 pm to When in Rome
quote:
I am talking about the general approach by the politicians to be lenient on people who aren’t holding their end of the debt bargain, thus creating a punishment for responsible people who do. I don’t think those politicians are dumb; I think what they’re doing is intentional and calling them stupid excuses their actions.
Either it's intentionally malicious are these people are just that out of touch with reality.
Posted on 3/5/24 at 6:56 pm to stout
quote:
They know their base
Putting on a masterclass in buying elections since I don't even know. I don't honestly know how there is a single R in office.
Posted on 3/5/24 at 7:01 pm to High C
quote:
Yep, I saw Biden announce it on X, and there were loads of people in the comments asking him to wipe away all sorts of their personal debt. Election year pandering.
Prob because people like Whoopi go on tv and say, Biden can jail all republicans and cancel all debt.
Posted on 3/5/24 at 7:09 pm to tiggerthetooth
quote:Hanlon’s Razor applies to most people, but IMO it does not apply to most politicians. They know exactly what they’re doing.
Either it's intentionally malicious are these people are just that out of touch with reality.
This post was edited on 3/5/24 at 10:01 pm
Posted on 3/5/24 at 7:11 pm to RLDSC FAN
In 2010 the Federal Reserve imposed several new rules on credit card issuers such as no jacking up the interest rate in the first year, no imposing a higher rate on an existing balance (increases in rate apply only to new charges), and must send a bill at least 21 days before it is due. LINK
The banks were really screwing people on that last one, sending a bill that would be due about 3 days after you received it or, wham, late payment and interest. And I had a neighbor who bought an expensive TV (back when they were expensive) on a low rate card, then the bank jacked up her rate and applied it to the balance due on the past purchase. Surprise!
Should we repeal all those sorts of rules and go full free market?
The banks were really screwing people on that last one, sending a bill that would be due about 3 days after you received it or, wham, late payment and interest. And I had a neighbor who bought an expensive TV (back when they were expensive) on a low rate card, then the bank jacked up her rate and applied it to the balance due on the past purchase. Surprise!
Should we repeal all those sorts of rules and go full free market?
Posted on 3/5/24 at 7:11 pm to RLDSC FAN
Just gonna replace that with the new and improved yearly “safety and security fee”
The extra fee that keeps your information safe even though they are required to do that
The extra fee that keeps your information safe even though they are required to do that
Posted on 3/5/24 at 8:16 pm to RLDSC FAN
How about capping the credit card interest rate at 8%? That would be notable. Some will claim it's high because of high risk consumers, but that could be solved by not issuing a credit card to people who are high risk. It's too easy for ANYONE to get a credit card these days - and has been for more than 30 years.
Posted on 3/5/24 at 8:39 pm to RLDSC FAN
Next they need to cap percentages attorneys can charge for lawsuits. Damages /medical are normally covered by insurance. Attorneys should only be entitled to a capped rate that doesn’t include medical and damages.
Posted on 3/5/24 at 8:42 pm to Swamp Angel
quote:
but that could be solved by not issuing a credit card to people who are high risk
The left calls that redlining. You're denying access to BIPOC that tend to have lower credit scores
You can't afford to sustain losses and bankruptcies from people that don't pay their bills without proper rates on balances.
Posted on 3/5/24 at 9:16 pm to theCrusher
quote:
Consumer Financial Protection Bureau is an illegal organization (legislatively) that Trump promised to defund and remove.
For some reason he never touched them.
That would have taken an act of Congress. The same RHINOs who were going to repeal obamacare probably backed down down on this, and Democrats were not going to help especially later after they gain the House.
It is or was self funded through its fines, fees, from federal reserve, and whatever other charges it pushed down on businesses, and was not part of spending Congress has to allocate.
Trump had to fight Democrats just to pick who was going to run it. They had set up Bureau to bypass President’s oversight in picking the replacements to run it (technically any President’s but it set up and staffed by Democrats from the start).
This post was edited on 3/5/24 at 9:54 pm
Posted on 3/5/24 at 9:23 pm to dallastigers
quote:
They had set up Bureau up to bypass President’s oversight in picking the replacements to run it
I remember that lawsuit. How Congress is so happy to devolve their power to the administrative state is disturbing. But, they also know that the administrative state is only interested in perpetuating their power, and that is aligned with (D) and RINOs.
Posted on 3/5/24 at 9:37 pm to chity
quote:
Why not do something about this?
National Debt Clock
$266,499 per taxpayer and counting.
I don't think the country as a whole is ready to experience the pain and what needs to be done to start correcting the national debt.
Posted on 3/5/24 at 9:40 pm to Tantal
quote:
$10B more for the FedGov to tax.
Wut?
Do you think people with credit card late fees are tax paying citizens?
In what way do you think this increases their taxable income?
Posted on 3/5/24 at 9:43 pm to Hammond Tiger Fan
Argentina is accepting it.
Posted on 3/5/24 at 10:27 pm to LemmyLives
On behalf of my Jewish investment Banking friends in New York, let me thank you for all your support. That said they are still going to frick you at every turn, they are going to raise your rates no matter what you pay, and may God have mercy on you if you ever let that credit rating fall below 650, you will pay triple
Posted on 3/5/24 at 10:44 pm to RLDSC FAN
This post was edited on 3/5/24 at 10:45 pm
Posted on 3/5/24 at 10:54 pm to TutHillTiger
quote:
Jewish investment Banking friend
Oh, please, give us evidence of that, and let us know the materiality.
JPMC's board, may have 2 of my people on the board, based on name. Out of 12. So? They also have Ginny Rometty, who used to be CEO of my ex company, who took choppers from Westchester to Manhattan to deliver speeches about how many people she was going to fire.
Blackrock may have 1/17.
If you're letting you're credit under 700, and you can't blame the wife, the Jooos are the least of your problem. You do understand that as your credit rating decreases, your ability to repay is called into question, which is why they charge you more to make up for the risk, right? Holy crap, if you can't make a payment on time, you are the definition of bad credit risk.
But yeah, it's the Jooos.
Posted on 3/5/24 at 11:41 pm to RLDSC FAN
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