Credit card late fees capped at $8 under new Biden admin rule

[Horseman 2,458]

It's like they sit in a room and say, "What can we do to fool the dumbest people in the country to vote for us."

"I know!.  Let's get all those losers that can't figure out how to pay CC bills on time a break with late fees!"

[seafoam1 3,024]

12 minutes ago, Bert said:

And when the credit card companies start limiting credit and cancelling cards of people who are habitually late, people like thegeneral and other liberals will scream the CC companies are racist.  

Truth. 

[cyclone24 1,913]

13 minutes ago, thegeneral said:

My heart bleeds for American Express and company. They will only be able to charge 10 bucks for a late fee and 26% interest on these loans now. Boo hoo!

Gosh, what’s one way you can prevent from getting those charges? It’ll come to me if I think about it. 

[Horseman 2,458]

6 minutes ago, thegeneral said:

Fock off

Look you want to think it’s fantastic for a CC to charge whatever for late fees good for you. Limiting that seems reasonable to me.

When they start doing other shet that is excessive I hope the Feds regulate that as well. We aren’t turning into Norway by doing this.

They can't charge whatever they want.  Send the IRS agents after them like you promised.

37 minutes ago, Horseman said:

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 already put in place protections for banks to not be able to charge more than to recover the bank’s costs associated with late payment.

This is student load forgiveness 2.0.   Guess what, those late fees, you agreed to them when you signed up for the CC dumbasss.  

You'd probably be ok with them forgiving the loans altogether and make rich people and/or the banks pay it.

[cyclone24 1,913]

15 minutes ago, supermike80 said:

My sister in law is one of those people.  Simply, she feels "they" should take away Elon Musk's money.  No particular reason for it, just that he has too much.  It amazes me that she thinks like this.  

Well, and he’s a guy too with his story that I don’t know how you don’t go. Hey, you took the big risk you should reap the reward.

[Bert 1,128]

11 minutes ago, supermike80 said:

Oh she absolutely does.  Hates Bezos for his wealth and she fairly lumps all these super billionaires in the same camp. It isn't about politics for her. They should have their money taken away.

I try to get her down to where the line should be.  Like if someone makes 100K, but their neighbor makes 50K..should the 100K person have some taken away?   She only says the super billionaires, but she doesn't think about the ramifications of these kinds of things.

That is sooooo focked up.  Very childish.

[Bert 1,128]

11 minutes ago, thegeneral said:

Fock off

Look you want to think it’s fantastic for a CC to charge whatever for late fees good for you. Limiting that seems reasonable to me.

When they start doing other shet that is excessive I hope the Feds regulate that as well. We aren’t turning into Norway by doing this.

You fock off.  Little panty waste idiot that needs the government to over regulate everything because they are too irresponsible to honor their commitments and pay their creditors on time.  

[thegeneral 3,214]

3 minutes ago, Horseman said:

They can't charge whatever they want.  Send the IRS agents after them like you promised.

This is student load forgiveness 2.0.   Guess what, those late fees, you agreed to them when you signed up for the CC dumbasss.  

You'd probably be ok with them forgiving the loans altogether and make rich people and/or the banks pay it.

10 bucks is a reasonable late charge. CC companies can figure out where to bend people over in other ways. The vig they are charging on people revolving debt is good enough with all their other bullshet fees.

[thegeneral 3,214]

Just now, Bert said:

You fock off.  Little panty waste idiot that needs the government to over regulate everything because they are too irresponsible to honor their commitments and pay their creditors on time.  

I have never said boo about race shet that you little ladies obsess about here. I don’t know who you are but a huge lot in here cry non stop about this stuff. I am not interested so yeah fock off with that. 

This is about CC late fees being limited to 10 bucks or whatever. Sounds good to me.

[Fnord 2,266]

1 hour ago, The Psychic Observer said:

Can you provide any evidence of these 12 abortions?

He can't show evidence that he WASN'T an abortion. 

[Hardcore troubadour 15,430]

10 minutes ago, Bert said:

That is sooooo focked up.  Very childish.

It’s what the left does. I was victim to it at one time. They say they are for working people, the middle class, and do nothing but say to them they will get the rich to pay more and never do it. Never will. Can’t. But that’s what they have to offer the working person.  Revenge. Nothing else. They actually hurt working people. Cheap labor does that.  

[Bert 1,128]

Just now, thegeneral said:

This is about CC late fees being limited to 10 bucks or whatever. Sounds good to me.

A $10 late fee only sounds good if you do not limit the interest rate that can be charged.  40% interest for people with more than 2 late payments in a year sounds good.  

[cyclone24 1,913]

7 minutes ago, thegeneral said:

10 bucks is a reasonable late charge. CC companies can figure out where to bend people over in other ways. The vig they are charging on people revolving debt is good enough with all their other bullshet fees.

Who determines what is reasonable? Why don’t we just determine what is reasonable for income across-the-board? Let’s look into how well you should be able to do in stocks. Getting an awful lot of vacations this past year maybe we should look into how many of those people should be able to take. I know you’ve worked here for 25 years but you sure get a lot of days off we should probably limit some of those and give them to newer people. 
 

It’s just a slope of insanity. If you don’t like the fees, don’t get the credit card. Seems simple.

[Horseman 2,458]

9 minutes ago, thegeneral said:

10 bucks is a reasonable late charge. 

Let's see your homework. How does this pencil out, or are you just flapping your gums again and really don't have any idea?  

[seafoam1 3,024]

11 minutes ago, Fnord said:

He can't show evidence that he WASN'T an abortion. 

I damaged you. I'm sorry corky.

[Bert 1,128]

12 minutes ago, thegeneral said:

I have never said boo about race shet that you little ladies obsess about here. I don’t know who you are but a huge lot in here cry non stop about this stuff. I am not interested so yeah fock off with that. 

This is about CC late fees being limited to 10 bucks or whatever. Sounds good to me.

I say the a better idea is allow CC companies to charge the same late fee penalty as the IRS does for late tax payments or local governments charge for late property tax payments.  

[Strike 5,542]

If you don't like the late fee find another bank.   There are literally thousands offering CC's.   Or pay your bills.  Or pay cash.  Seems simple to me.

[thegeneral 3,214]

14 minutes ago, Bert said:

A $10 late fee only sounds good if you do not limit the interest rate that can be charged.  40% interest for people with more than 2 late payments in a year sounds good.  

I would be against that as well.

If you want to look at lending practices I think that is a good area to dig into. 

[thegeneral 3,214]

12 minutes ago, Horseman said:

Let's see your homework. How does this pencil out, or are you just flapping your gums again and really don't have any idea?  

The proposed idea is to limit late fees to 8 bucks. Sounds good.

[cyclone24 1,913]

2 minutes ago, thegeneral said:

The proposed idea is to limit late fees to 8 bucks. Sounds good.

Proposed by the government. Are there any other businesses you would like the government to cap their earnings for literally no reason whatsoever? 
 

It’s an agreement. The customer enters into it knowing that there’s fees and it’s not free money. If they choose to enter into the agreement, they should pay for it if they don’t live up to the contract. I don’t understand why this is that hard.

[seafoam1 3,024]

1 minute ago, cyclone24 said:

Proposed by the government. Are there any other businesses you would like the government to cap their earnings for literally no reason whatsoever? 
 

It’s an agreement. The customer enters into it knowing that there’s fees and it’s not free money. If they choose to enter into the agreement, they should pay for it if they don’t live up to the contract. I don’t understand why this is that hard.

Kind of like handing out needles to drug users in San Francisco. Oh, but it keeps them afloat in life...

They don't want the drug users to smarten up, they want them to beg for more needles. 

From their saviors in the liberal government. 

[Bert 1,128]

7 minutes ago, thegeneral said:

I would be against that as well.

If you want to look at lending practices I think that is a good area to dig into. 

Of course you would.  I am well aware of current lending practices.  What about my proposal of making the fee the same as governments charge? A percentage of the balance due, roughly 10-15%?

[thegeneral 3,214]

2 minutes ago, cyclone24 said:

Proposed by the government. Are there any other businesses you would like the government to cap their earnings for literally no reason whatsoever? 
 

It’s an agreement. The customer enters into it knowing that there’s fees and it’s not free money. If they choose to enter into the agreement, they should pay for it if they don’t live up to the contract. I don’t understand why this is that hard.

I don’t know. Point out something and we can look at it together.

People are paying interest and fees still on this money unless they renegotiate it like say a dipshet former Prez

This doesn’t impact me in the slightest, I I don’t get the hard on for CC companies to charge more for late fees from you all.

Have at it I guess.

[thegeneral 3,214]

7 minutes ago, Bert said:

Of course you would.  I am well aware of current lending practices.  What about my proposal of making the fee the same as governments charge? A percentage of the balance due, roughly 10-15%?

I don’t know what the government charges. If they have excessive fees fock them too. 

[Alias Detective 1,401]

Interest rates on credit card balances will increase.  Ya think the CC companies are gonna just take this on the chin?

 

edit, I see this has been discussed and the liberals don’t like personal responsibility or capitalism.

[Bert 1,128]

Just now, thegeneral said:

I don’t know what the government charges. If they have excessive fees fock them too. 

I just told you roughly what the penalties are for late payments to governments.  Do you also think late fees for mortgages, auto loans and business loans should be capped at $8? 

[weepaws 3,191]

23 minutes ago, thegeneral said:

The proposed idea is to limit late fees to 8 bucks. Sounds good.

Agreed. 

[Alias Detective 1,401]

6 minutes ago, Bert said:

I just told you roughly what the penalties are for late payments to governments.  Do you also think late fees for mortgages, auto loans and business loans should be capped at $8? 

Since mortgages, homes and cars and businesses are for the rich he’ll likely say no they shouldn’t be capped.  Only the CC late fees.

[supermike80 1,911]

I do sort of believe the government, at times, needs to step in and help people from their own stupidity.  I get the idea behind the regulation.  I also know it's an attempt to buy votes.  And the dems have that DOWN!!  They are experts at it and one thing they do really really well.

[weepaws 3,191]

2 minutes ago, supermike80 said:

I do sort of believe the government, at times, needs to step in and help people from their own stupidity.  I get the idea behind the regulation.  I also know it's an attempt to buy votes.  And the dems have that DOWN!!  They are experts at it and one thing they do really really well.

Come on really, only the dems buy votes, everyone in government buys votes, they use the overly high fees from credit cards.  

[Engorgeous George 2,331]

Seems to me the market could take care of this.  Seems to me the credit card companies will simply shift around their pricing models a bit, poor risk folks who use to pay late fees will now have their interest rates increased instead.  Some will be cdenied credit or have their credit lines reduced.  This will in no way benefit anybody except maybe Biden during the election if folks don't yet have time to figure out there is no savings here, only a shifting of the pricing model.

[thegeneral 3,214]

3 minutes ago, Bert said:

I just told you roughly what the penalties are for late payments to governments.  Do you also think late fees for mortgages, auto loans and business loans should be capped at $8? 

Perhaps or to some number. CC late fees averaged 30 bucks before this proposal and knocking them down to 8. Works for me.

These focking banks as soon as the shet hits the fan put their hands out as fast as possible and they are clearing billions in the meantime.

[thegeneral 3,214]

9 minutes ago, supermike80 said:

I do sort of believe the government, at times, needs to step in and help people from their own stupidity.  I get the idea behind the regulation.  I also know it's an attempt to buy votes.  And the dems have that DOWN!!  They are experts at it and one thing they do really really well.

As soon as this idea gets in and if it’s popular Republicans will be taking credit for it somehow

See infrastructure bill and all that spending.

[thegeneral 3,214]

5 minutes ago, Engorgeous George said:

Seems to me the market could take care of this.  Seems to me the credit card companies will simply shift around their pricing models a bit, poor risk folks who use to pay late fees will now have their interest rates increased instead.  Some will be cdenied credit or have their credit lines reduced.  This will in no way benefit anybody except maybe Biden during the election if folks don't yet have time to figure out there is no savings here, only a shifting of the pricing model.

I think many people arguing against this cap on fees have no problems with rates going up and CC being denied. Perhaps there should be a look at how much people can borrow. At some point that all comes to head if history is any indication when it does these banker focks will make sure they get taken care of. 

[supermike80 1,911]

All I know is if you own bank stocks, I wouldn't think you need to sell because of this.

[thegeneral 3,214]

18 minutes ago, weepaws said:

Agreed. 

Amen!

[Bert 1,128]

4 minutes ago, thegeneral said:

Perhaps or to some number. CC late fees averaged 30 bucks before this proposal and knocking them down to 8. Works for me.

These focking banks as soon as the shet hits the fan put their hands out as fast as possible and they are clearing billions in the meantime.

$30 on a $5,900 balance (average American CC balance) is .5%.  That seems reasonable.  

[thegeneral 3,214]

4 minutes ago, Bert said:

$30 on a $5,900 balance (average American CC balance) is .5%.  That seems reasonable.  

Less is better. These companies are killing it. They are charging like 20% on this debt. They can figure out a way to manage on a lesser late fee. 

i get it sucks that people are dumb. We are all titans of industry in here or salt of the earth folks who never run CC balances, grow our own food, and build our own houses. Yada yada.

I also understand it is a fine balance between letting the private sector do its thing and not be regulated to death and us turning into Finland or whatever. This isn’t it and I do think the Feds should regularly have input here and highlight things like this.

At the very least it gets people discussing what is going on with our personal debt and hopefully the people in DC can actually compromise on the debt they are running up. 

 

[Strike 5,542]

6 minutes ago, thegeneral said:

Less is better. These companies are killing it. They are charging like 20% on this debt. They can figure out a way to manage on a lesser late fee. 

i get it sucks that people are dumb. We are all titans of industry in here or salt of the earth folks who never run CC balances, grow our own food, and build our own houses. Yada yada.

I also understand it is a fine balance between letting the private sector do its thing and not be regulated to death and us turning into Finland or whatever. This isn’t it and I do think the Feds should regularly have input here and highlight things like this.

At the very least it gets people discussing what is going on with our personal debt and hopefully the people in DC can actually compromise on the debt they are running up. 

 

I've never had a CC with a 20% interest rate.   Anyone who does has bigger issues than late fees.

[thegeneral 3,214]

Just now, Strike said:

I've never had a CC with a 20% interest rate.   Anyone who does has bigger issues than late fees.

According to the interwebs the average CC interest rate right now is 27%