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

[thegeneral 3,214]

1 hour ago, supermike80 said:

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

Heck no.

[Fnord 2,272]

It's fascinating that the people defending credit card companies for price gouging are going on about personal responsibility. 

WTF happened to corporate responsibility? According to established law, corporations are people. And people are supposed to be held accountable. So, when these massive corporations engage in illegal activities like price gouging, price fixing, monopolization, continue to produce products that harm consumers while covering up the evidence, etc., suddenly you rise to their defense? WTF?

[Horseman 2,458]

3 hours ago, thegeneral said:

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

Flapping your gums.  That's what I figured.  

[thegeneral 3,214]

13 minutes ago, Horseman said:

Flapping your gums.  That's what I figured.  

The proposed limit is 8 bucks for CC late fees. 

[RaiderHaters Revenge 4,350]

Just like when trump capped diabetes meds at 35$ everyone should have applauded. So I applaud this right here

even though 3 years later Joey Dementia took credit for it 

[Strike 5,543]

2 hours ago, thegeneral said:

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

And?  Who's paying that?  Are YOU?

[squistion 2,201]

5 minutes ago, thegeneral said:

The proposed limit is 8 bucks for CC late fees. 

Yes! 

[thegeneral 3,214]

Just now, Strike said:

And?  Who's paying that?  Are YOU?

I am not. That’s the national average from Google. 

[Strike 5,543]

Just now, thegeneral said:

I am not. That’s the national average from Google. 

Again, AND?  My statement wasn't that no one is paying those rates or that they don't exist.  It was that *I* hadn't and that anyone who did had bigger problems than a late fee.  And those are facts, Jack!

[thegeneral 3,214]

Just now, Strike said:

Again, AND?  My statement wasn't that no one is paying those rates or that they don't exist.  It was that *I* hadn't and that anyone who did had bigger problems than a late fee.  And those are facts, Jack!

Good to hear.

 

 

[easilyscan 925]

6 hours ago, Strike said:

Won't save me a dime

But it might cost you. If the CC companies see profits drop because of the decreased late fees, they might raise the amount they charge each business on every CC transaction.

The business isn't going to absorb that, so they'll pass it on to you. 

Some businesses add a surcharge for customers who use credit cards to cover the swipe fee. But most retailers just raise their prices, spreading the cost of swipe fees among all their customers, whether they're paying with plastic or not.

[Ron_Artest 1,532]

33 minutes ago, RaiderHaters Revenge said:

Just like when trump capped diabetes meds at 35$ everyone should have applauded. So I applaud this right here

even though 3 years later Joey Dementia took credit for it 

Trump's cap only applied to Medicare.  Biden made it widely available for all.  But you won't applaud Biden, nope never, because you're a retarded hack.

[Strike 5,543]

53 minutes ago, easilyscan said:

But it might cost you. If the CC companies see profits drop because of the decreased late fees, they might raise the amount they charge each business on every CC transaction.

The business isn't going to absorb that, so they'll pass it on to you. 

Some businesses add a surcharge for customers who use credit cards to cover the swipe fee. But most retailers just raise their prices, spreading the cost of swipe fees among all their customers, whether they're paying with plastic or not.

I'd be more worried about them reducing my rewards but yeah it could cost US.

[seafoam1 3,025]

45 minutes ago, Ron_Artest said:

Trump's cap only applied to Medicare.  Biden made it widely available for all.  But you won't applaud Biden, nope never, because you're a retarded hack.

 

[seafoam1 3,025]

48 minutes ago, Ron_Artest said:

Trump's cap only applied to Medicare.  Biden made it widely available for all.  But you won't applaud Biden, nope never, because you're a retarded hack.

 

[Horseman 2,458]

Even the financial analyst NBC News had on: "In the long run all this is going to do is raise interest rates and punish those who pay on time. This isnt going to have the desired effect they are hoping for."

Only the true retards fall for this stuff.   

[Hawkeye21 2,399]

At first it sounded like a good idea but the CC companies will find other ways to get their money from people. 

[RaiderHaters Revenge 4,350]

3 hours ago, Ron_Artest said:

Trump's cap only applied to Medicare.  Biden made it widely available for all.  But you won't applaud Biden, nope never, because you're a retarded hack.

dumbass I just said I applaud Biden for this

[jonnyutah 288]

2 hours ago, Hawkeye21 said:

At first it sounded like a good idea but the CC companies will find other ways to get their money from people. 

You dont care about poor people buying air jordans!!!

[Hardcore troubadour 15,433]

1 hour ago, RaiderHaters Revenge said:

dumbass I just said I applaud Biden for this

Ron/ Gutterboy just likes to yell. 

[thegeneral 3,214]

4 hours ago, Horseman said:

Even the financial analyst NBC News had on: "In the long run all this is going to do is raise interest rates and punish those who pay on time. This isnt going to have the desired effect they are hoping for."

Only the true retards fall for this stuff.   

Then address that. These banker cvunts need to be watched like hawks.

[seafoam1 3,025]

4 hours ago, thegeneral said:

Then address that. These banker cvunts need to be watched like hawks.

Point to a spot on a barbie doll to show where those bankers touched you. 

[TimHauck 2,876]

9 hours ago, Horseman said:

Even the financial analyst NBC News had on: "In the long run all this is going to do is raise interest rates and punish those who pay on time. This isnt going to have the desired effect they are hoping for."

Only the true retards fall for this stuff.   

Yup Horsecrap is actually right for once.

Besides, it’s likely the interest that’s impacting people more than late fees as is.

[thegeneral 3,214]

3 hours ago, seafoam1 said:

Point to a spot on a barbie doll to show where those bankers touched you. 

How about their buddies over in the subprime mortgage biz around 2008

[Horseman 2,458]

A foking panty waist who has a mortgage on his home, a loan to purchase his car, pays everything with plastic, has direct deposit and pays all his bills electronically is crying about big bank.  

[Horseman 2,458]

According to Joe they typical family that has these fees don't pay their credit card bill on time 7 months of the year.  

 

 

[Hardcore troubadour 15,433]

1 minute ago, Horseman said:

According to Joe they typical family that has these fees don't pay their credit card bill on time 7 months of the year.  

 

 

220 dollars a year is real breathing room? How out of touch is this corrupt old bastard? That’s not even a weeks worth of groceries anymore. Good lord. 

[Cloaca du jour 2,150]

Read the book...."you will own nothing"

Talks about big push to encourage people to stay in debt

[thegeneral 3,214]

2 hours ago, Hardcore troubadour said:

220 dollars a year is real breathing room? How out of touch is this corrupt old bastard? That’s not even a weeks worth of groceries anymore. Good lord. 

Or like 10 watermelons!

[Cdub100 3,908]

Who's going to pay for all my CC bonus now?

[Hardcore troubadour 15,433]

CC debt is now 1.13 billion. According to the NY fed, CC debt increased by 50 billion in the fourth qtr of 2023.  The banks will be fine. 

[Hardcore troubadour 15,433]

Tossed by the courts. As if they didn’t know it would be. 

[WhiteWonder 2,738]

Never saw this topic but would have commented back then that while stuff like loan forgiveness is a ridiculous vote grab and teaches fiscal irresponsibility, I am absolutely okay with reducing or capping late fee's on credit cards. 

Granted, I have never carried over a CC balance (and I pay for everything with one of my cards because I want the points) so i've never paid a late fee or any interest but the interest rates on credit cards are absurd enough. Sure, charge people late fees but they should be relatively small. 

If you own a home and have the ability to take out a heloc, you should be doing so and using it to pay off any CC debt you have. Consolidate it all as the heloc interest rate will be much lower.

[edjr 6,590]

11 hours ago, WhiteWonder said:

 

If you own a home and have the ability to take out a heloc, you should be doing so and using it to pay off any CC debt you have. Consolidate it all as the heloc interest rate will be much lower.

Kick the can down the road, get an 8% loan and lose your house in a few years.  solid.

[WhiteWonder 2,738]

36 minutes ago, edjr said:

Kick the can down the road, get an 8% loan and lose your house in a few years.  solid.

I’d you have so much debt you probably wont qualify for the loan anyway. If you are managing payments why wouldn’t you want to cut your interest rate in half?

[edjr 6,590]

31 minutes ago, WhiteWonder said:

I’d you have so much debt you probably wont qualify for the loan anyway. If you are managing payments why wouldn’t you want to cut your interest rate in half?

why would you have cc payments at all? cause you can’t afford your current lifestyle. adding 50/100k at 8% - how can you possibly afford that long term?

[WhiteWonder 2,738]

7 minutes ago, edjr said:

why would you have cc payments at all? cause you can’t afford your current lifestyle. adding 50/100k at 8% - how can you possibly afford that long term?

I don't carry a CC balance but there are plenty of people who can't pay off their entire balance and have to carry some over at 18+%. I don't disagree with you... imo it means they are stretching themselves too thin, but I also don't know everyone's situations and some people are just dumb with money to begin with.

heloc is a line of credit. you wouldn't be adding any additional debt. you would use it to pay off your credit cards, your auto loan if you have one and consolidate all of that high interest debt into one place with a much more manageable interest rate. Also likely raising your credit score in the process. 

[TrailGuy 554]

Gone.

Musk killed the CFPB.

No more consumer protections.  Credit card companies can do whatever they want now

[Strike 5,543]

17 minutes ago, TrailGuy said:

Gone.

Musk killed the CFPB.

No more consumer protections.  Credit card companies can do whatever they want now

Good.  And consumers can use the best financial services company for them.  Win win.

[Strike 5,543]

2 hours ago, TrailGuy said:

Gone.

Musk killed the CFPB.

No more consumer protections.  Credit card companies can do whatever they want now

You got a link?  A bipartisan bill was introduced this week, supported by President Trump, that would cap interest rates at 10 percent:

https://www.hawley.senate.gov/hawley-sanders-introduce-bill-to-curb-exploitative-credit-card-interest-rates-provide-relief-to-working-americans/

It's a stupid bill but it kind of destroys your argument that credit card companies can do whatever they want if it passes.

I'm shocked that you're wrong yet again.