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

[Hardcore troubadour 12,958]

7 minutes ago, thegeneral said:

CC’s are collecting like 18% on this. Fine whatever.  Bullshet fees yeah no issue those being reigned in. 

If this is popular in the slightest your boy Trump will say it’s his idea so get ready to change your tune. 

Is it the banks or the CC companies collecting it? 

[thegeneral 1,549]

2 minutes ago, seafoam1 said:

What the fock does that mean? See, if Trump wants to take my money and hand it out to idiots, I'm against it. Unlike how you always agree with your master in the white house.

Your article is about CC late fees. Why are you ranting about student loan forgiveness?

[seafoam1 1,886]

Let let's keep Americans stupid and dependant on credit cards to be able to survive off of these companies you all hate so much. 

 

[Hardcore troubadour 12,958]

1 minute ago, seafoam1 said:

Let let's keep Americans stupid and dependant on credit cards to be able to survive off of these companies you all hate so much. 

 

Less money for them to lobby with.  Plus they’re all woke. 

[The Psychic Observer 197]

23 minutes ago, seafoam1 said:

I won the bet. Sorry she's not open with you.

welcher

[thegeneral 1,549]

2 minutes ago, Hardcore troubadour said:

Is it the banks or the CC companies collecting it? 

I believe one of the bigger revenue generators for CC companies is late fees (along with interest on balances).

[seafoam1 1,886]

5 minutes ago, Hardcore troubadour said:

Less money for them to lobby with.  

I pay my CC bill almost daily. I never pay late fees. People should learn to not get late fees. Or don't use CCs. That's a rather simple lesson to learn before you are old enough to get a credit card.  Or even after. 

[seafoam1 1,886]

3 minutes ago, The Psychic Observer said:

welcher

You ARE a welcher. Pay up dude.

[The Psychic Observer 197]

Just now, seafoam1 said:

I pay my CC bill almost daily. 

This is almost as dumb as paying rent.

[Hardcore troubadour 12,958]

2 minutes ago, seafoam1 said:

I pay my CC bill almost daily. I never pay late fees. People should learn to not get late fees. Or don't use CCs. That's a rather simple lesson to learn before you are old enough to get a credit card.  Or even after. 

32 dollars is ridiculous. 

[Hardcore troubadour 12,958]

6 minutes ago, thegeneral said:

I believe one of the bigger revenue generators for CC companies is late fees (along with interest on balances).

The CC companies only process the payments. It’s the bank that is owed the money. I’m wondering who gets the late fees. 

[thegeneral 1,549]

5 minutes ago, seafoam1 said:

I pay my CC bill almost daily. I never pay late fees. People should learn to not get late fees. Or don't use CCs. That's a rather simple lesson to learn before you are old enough to get a credit card.  Or even after. 

Good for you. This won’t impact you then. 

[seafoam1 1,886]

Just now, thegeneral said:

Good for you. This won’t impact you then. 

I think they should charge whatever late fees they want. It should act as a deterent to people being irresponsible with their money. Maybe they will finally learn. 

[seafoam1 1,886]

9 minutes ago, The Psychic Observer said:

This is almost as dumb as paying rent.

Go fix your roof. 

[Hardcore troubadour 12,958]

1 minute ago, seafoam1 said:

I think they should charge whatever late fees they want. It should act as a deterent to people being irresponsible with their money. Maybe they will finally learn. 

I don’t understand why people like you feel the need to get the back of entities that actively work against the things you stand for. 

[seafoam1 1,886]

7 minutes ago, Hardcore troubadour said:

32 dollars is ridiculous. 

The question is, why can't people afford to pay off their CCs monthly?  Is it because they are living month after month on borrowed money? That's a way bigger issue. 

[Hardcore troubadour 12,958]

1 minute ago, seafoam1 said:

The question is, why can't people afford to pay off their CCs monthly?  Is it because they are living month after month on borrowed money? That's a way bigger issue. 

I don’t care. The banks are a bigger enemy than poor or irresponsible people. I don’t think the 24 dollars is putting the late payers over the top but it’s sure as Fock making my enemy a lot stronger. 

[seafoam1 1,886]

7 minutes ago, Hardcore troubadour said:

I don’t understand why people like you feel the need to get the back of entities that actively work against the things you stand for. 

Hell no. I look at CCs as an addiction. A drug for many people. They have bigger issues if they can't afford a credit card bill. Now if you are talking utilities, that's a different conversation. 

[cyclone24 1,836]

52 minutes ago, thegeneral said:

You have some focking religious nut in Alabama saying frozen embryos are people. Yep that’s not nuts at all. 

To this credit card issue how about somewhere between them bending people over and them running a charity. AMEX netted like 8 billion last year, I think they are doing ok.

So now we’re getting into well I feel like as a company you make too much so let’s hamper that. You’re a half step from socialism.
 

The problem isn’t the credit card companies. It’s the dumbasses that can’t pay their credit card bill on time.

[Horseman 1,593]

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.

Banks aren't going to help people pay their late fees.  This will only cause a reshuffling of the deck.  They'll just adjust the poor's "creditworthiness" so they pay a higher interest rate and lowering credit limits if they can still borrow at all.  

More Bidenomics foking the poor. And this time even the middle class if they carry a CC balance.   

[Hardcore troubadour 12,958]

4 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.

Banks aren't going to help people pay their late fees.  This will only cause a reshuffling of the deck.  They'll just adjust the poor's "creditworthiness" so they pay a higher interest rate and lowering credit limits if they can still borrow at all.  

More Bidenomics foking the poor. And this time even the middle class if they carry a CC balance.   

They should have their credit limit reduced. I’m all for it. 

[seafoam1 1,886]

2 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.

Banks aren't going to help people pay their late fees.  This will only cause a reshuffling of the deck.  They'll just adjust the poor's "creditworthiness" so they pay a higher interest rate and lowering credit limits if they can still can't borrow at all.  

More Bidenomics foking the poor. And this time even the middle class if they carry a CC balance.   

It's just like if the country were to abandon tipping at restaurants. Then the business pays a high hourly rate to waitstaff to keep them on, does anyone think the customers aren't going to foot those costs?

[seafoam1 1,886]

15 minutes ago, Hardcore troubadour said:

I don’t understand why people like you feel the need to get the back of entities that actively work against the things you stand for. 

I'm more in the business of trying to get people off of the reliance on those companies. Just like stopping the need for reliance on the government. 

[Hardcore troubadour 12,958]

1 minute ago, seafoam1 said:

I'm more in the business of trying to get people off of the reliance on those companies. Just like stopping the need for reliance on the government. 

Good. Reduce their credit limit.  Then we’ll see how bullshitt this debt fueled economy really is. Don’t count on it though. 

[thegeneral 1,549]

21 minutes ago, seafoam1 said:

I think they should charge whatever late fees they want. It should act as a deterent to people being irresponsible with their money. Maybe they will finally learn. 

We disagree. These fees are excessive. 

[thegeneral 1,549]

16 minutes ago, cyclone24 said:

So now we’re getting into well I feel like as a company you make too much so let’s hamper that. You’re a half step from socialism.
 

The problem isn’t the credit card companies. It’s the dumbasses that can’t pay their credit card bill on time.

AMEX 8 billion net last year. They probably pay shet for taxes. Socialism! 

[Hardcore troubadour 12,958]

I told this story before, but when in was in Newport RI last June at an outdoor bar me and my party were the only ones with cash on the bar. All the other younger people all had a CC on the bar so they could buy their 15 dollar fruity drinks made in a machine with probably hardly any booze in it. Add tax and a tip and that’s a 20 dollar shitt drink. And they were flowing. 

[Hardcore troubadour 12,958]

So had this affected the stock price of rhe banks or CC companies?

[seafoam1 1,886]

9 minutes ago, Hardcore troubadour said:

Good. Reduce their credit limit.  Then we’ll see how bullshitt this debt fueled economy really is. Don’t count on it though. 

Yep.I'm not pro those companies, I'm pro self sufficiency. It's like bud light. stop buying into their bullshlt and maybe they'll change their tune. 

This is why I go back to my main point though. 

Teach kids at a young age logical real life daily money management. And drum it into their heads throughout their pre college education. Teach them about college loans freshman year thru senior year.  CCs, interest,  overspending, saving, everything over and over. That's more or as important than about any classes you are taking. 

[supermike80 1,342]

On the surface, I am OK with this.  Those fees seemed predatory but I do feel there are downsides.

A lower late fee means people will do it more potentially.  Now that's personal accountability so to that I say so be it.

But these are banks man.  They WILL get their money from somewhere.   Higher interest rates, or other ways.   In the end, the banks win

[cyclone24 1,836]

3 minutes ago, thegeneral said:

AMEX 8 billion net last year. They probably pay shet for taxes. Socialism! 

Yeah, I’ve just never liked a certain group of people saying well we feel you make too much money so we’d like you to share some of it. 
 

And notice how it’s never ever these athletes that make $25 million a year. It’s always the CEOs that you want to pay. The people that actually employ thousands of people. It’s silly. 

[thegeneral 1,549]

4 minutes ago, Hardcore troubadour said:

So had this affected the stock price of rhe banks or CC companies?

I love Visa!

[thegeneral 1,549]

5 minutes ago, cyclone24 said:

Yeah, I’ve just never liked a certain group of people saying well we feel you make too much money so we’d like you to share some of it. 
 

And notice how it’s never ever these athletes that make $25 million a year. It’s always the CEOs that you want to pay. The people that actually employ thousands of people. It’s silly. 

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!

[supermike80 1,342]

2 minutes ago, cyclone24 said:

Yeah, I’ve just never liked a certain group of people saying well we feel you make too much money so we’d like you to share some of it. 
 

And notice how it’s never ever these athletes that make $25 million a year. It’s always the CEOs that you want to pay. The people that actually employ thousands of people. It’s silly. 

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.  

[Bert 1,109]

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.  

[supermike80 1,342]

Just now, 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.  

Bet your azz.   If the CC companies cant make $$ off people who are poor credit managers,; they will simply stop offering them credit.  Simple

[Bert 1,109]

Just now, 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.  

And she probably doesn't bring up Soros, Bezos, Gates does she?

[supermike80 1,342]

2 minutes ago, Bert said:

And she probably doesn't bring up Soros, Bezos, Gates does she?

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.

[Horseman 1,593]

25 minutes ago, seafoam1 said:

It's just like if the country were to abandon tipping at restaurants. Then the business pays a high hourly rate to waitstaff to keep them on, does anyone think the customers aren't going to foot those costs?

It's just like student loan forgiveness.  It's going to punish those who pay their bills on time, this time with higher interest rates.  

[thegeneral 1,549]

4 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.  

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.