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Posted on 3/6/24 at 4:54 am to ShaneTheLegLechler
Making everything more expensive for those of us who already pay on time. 
Posted on 3/6/24 at 6:19 am to RLDSC FAN
you borrow money under a set of conditions, you don’t live up to the conditions, you are punished, and it’s considered a “junk fee”. 
Posted on 3/6/24 at 6:29 am to chity
quote:
Why not do something about this?
National Debt Clock
$266,499 per taxpayer and counting.
They don't care about that. They must think credit card late fees are racist. Tackling the tough issues.
Posted on 3/6/24 at 6:34 am to LemmyLives
quote:
The left calls that redlining
They do indeed. It's also a good practice to keep everyone solvent rather than putting people into debt they can't afford and then forcing others who are creditworthy to cover the debt that others skip town over.
Our government already has us as a nation owing money at a 3.15% monthly rate, which converts to 37.87% at non-compounded APR and 45.09% if compounded annually. Every last one of us is in debt that we can't escape as citizens of our country paying taxes to cover this increasing debt. I kinda think it's time we took away their "credit card" as well.
Posted on 3/6/24 at 6:58 am to RLDSC FAN
Although I'd rather the gubment to stay in their lane and mind their own problems, here we are. That being said:
How many "carve outs" are there for CC companies/banks who are major donors?
Capping fees at $8? OK, I get that. But it should only apply to the first one or 2 late payments, after that the hammer falls. I understand living paycheck to paycheck, especially when you are young. You are still learning to budget and be responsible.
This is what credit scores are for. A history of late payments lowers your credit score, making credit more expensive for you.
Still, no place for the gubment to meddle.
How many "carve outs" are there for CC companies/banks who are major donors?
Capping fees at $8? OK, I get that. But it should only apply to the first one or 2 late payments, after that the hammer falls. I understand living paycheck to paycheck, especially when you are young. You are still learning to budget and be responsible.
This is what credit scores are for. A history of late payments lowers your credit score, making credit more expensive for you.
Still, no place for the gubment to meddle.
Posted on 3/6/24 at 6:59 am to RLDSC FAN
If they want to go after anything put a stop to banks structuring debits so that they can charge as many overdraft fees as possible vs debiting them as they are charged. Thankfully, I haven't been in that situation in over a decade but that is a much bigger issue than credit card late fees.
Posted on 3/6/24 at 7:03 am to RLDSC FAN
Can they do something useful like cap interest to $8 per month?
I didn't know that many people paid late. That generally fricks your interest rate too I thought. If you're going to pay late, may as well go delinquent for a bit too.
I didn't know that many people paid late. That generally fricks your interest rate too I thought. If you're going to pay late, may as well go delinquent for a bit too.
Posted on 3/6/24 at 7:50 am to RLDSC FAN
Thanks Joe. Now us folks that pay on time will pay some new fees or charges.
Posted on 3/6/24 at 7:52 am to RLDSC FAN
Pay your card off on time? How does this qualify as a “junk fee”??
Wasting time and effort helping the lazy citizens rather than the ones actually getting screwed by fees.
Wasting time and effort helping the lazy citizens rather than the ones actually getting screwed by fees.
Posted on 3/6/24 at 7:54 am to GeauxHouston
This thread is proof that boomer MAGA posters have no literally no idea what they’re talking about. If Trump did the same you guys would be praising him.
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