Mainecat Posted March 5 Share Posted March 5 Biden administration finalizes rule cutting credit card late fees Source: ABC News March 5, 2024, 5:00 AM The Consumer Financial Protection Bureau finalized a rule Tuesday that will cut the typical credit card late fee to $8 from $32. The financial regulator estimates the move will save American families $10 billion every year -- an average savings of $220 annually for more than 45 million people who are charged late fees when they don't pay their statements by the due date. "Today's rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines," CFPB Director Rohit Chopra said in a statement. The agency said its new rule closes a loophole in a federal law called the CARD Act that allowed major credit card issuers to charge customers growing fees when they were late on their payments. Over time, those late charges ballooned to as much as $41. The new rule would cap them at $8. It would also prevent card issuers from automatically increasing fees based on inflation. Read more: https://abcnews.go.com/US/biden-administration-finalizes-rule-cutting-credit-card-late/story?id=107799462 Quote Link to comment Share on other sites More sharing options...
Sled_Hed Posted March 5 Share Posted March 5 So people shouldn't be responsible enough to pay on time? 2 Quote Link to comment Share on other sites More sharing options...
Mainecat Posted March 5 Author Share Posted March 5 27 minutes ago, Sled_Hed said: So people shouldn't be responsible enough to pay on time? Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted March 5 Share Posted March 5 Does this need to be voted into law? The GOP killed any action on doing away with quick cash loans years ago. They’d kill this as well if given a chance. The GOP loves legal loan sharks. They’ve supported predatory lending practices for years. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 5 Platinum Contributing Member Share Posted March 5 2 minutes ago, ActionfigureJoe said: Does this need to be voted into law? The GOP killed any action on doing away with quick cash loans years ago. They’d kill this as well if given a chance. The GOP loves legal loan sharks. They’ve supported predatory lending practices for years. Why do you want to kill the payday loan buss? If they loan someone $100 for a week how much should they make? $2.50 I wouldnt lend a stranger $100 for a $2.50 profit and I doubt you would either. 1 Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted March 5 Share Posted March 5 2 minutes ago, steve from amherst said: Why do you want to kill the payday loan buss? If they loan someone $100 for a week how much should they make? $2.50 I wouldnt lend a stranger $100 for a $2.50 profit and I doubt you would either. Of course. Payday loans improve the overall quality of life for men and women across the country. How else are they going to afford their crack cocaine as they spiral? 2 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 5 Platinum Contributing Member Share Posted March 5 2 minutes ago, ActionfigureJoe said: Of course. Payday loans improve the overall quality of life for men and women across the country. How else are they going to afford their crack cocaine as they spiral? Plus they are good at teaching math Quote Link to comment Share on other sites More sharing options...
Doug Posted March 5 Share Posted March 5 2 2 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 5 Platinum Contributing Member Share Posted March 5 1 hour ago, Sled_Hed said: So people shouldn't be responsible enough to pay on time? Exactly...... I don't even consider the late fees....I have never been late on any credit card payment since I opened my original at the age of 18. 3 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 5 Platinum Contributing Member Share Posted March 5 1 minute ago, ViperGTS/Z1 said: Exactly...... I don't even consider the late fees....I have never been late on any credit card payment since I opened my original at the age of 18. Teaching people that being late paying bills, What could possibly go wrong. 1 1 Quote Link to comment Share on other sites More sharing options...
Gold Member Stephen Hawking Posted March 5 Gold Member Share Posted March 5 BFD. So it will cost someone $8 instead of $32 but I bet the penalty interest rate still applies. But hey, you saved $24. 1 Quote Link to comment Share on other sites More sharing options...
toslow Posted March 5 Share Posted March 5 Retard thinks this type of shit is a Hugh win for Biden😂😂😂🐷🐷 2 Quote Link to comment Share on other sites More sharing options...
gravy davey Posted March 5 Share Posted March 5 Important stuff!!!!!!! 2 Quote Link to comment Share on other sites More sharing options...
Sled_Hed Posted March 5 Share Posted March 5 23 minutes ago, steve from amherst said: Teaching people that being late paying bills, What could possibly go wrong. Exactly. I'm sure they'll hide the difference in a different fee so they aren't making less money anyway. 1 Quote Link to comment Share on other sites More sharing options...
Mainecat Posted March 5 Author Share Posted March 5 (edited) From the link…. it will save Americans 10 BILLION dollars a year. RIGHT BACK INTO THE ECONOMY! Edited March 5 by Mainecat Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted March 5 Share Posted March 5 does this apply to America's Credit Card that the Democrats and Republicans have maxed out but seem to keep getting a new higher credit limit? Credit card debt smashed another record high at the end of 2023 https://www.foxbusiness.com/economy/credit-card-debt-smashed-another-record-high-end-2023 Savings rate for Americans is falling. ‘I’m concerned,’ top economist says https://www.cnbc.com/2023/10/03/americans-are-saving-less-in-2023-im-concerned-top-economist-says.html A nation of debt slaves... Quote Link to comment Share on other sites More sharing options...
Doug Posted March 5 Share Posted March 5 1 minute ago, Mainecat said: From the link…. it HOPFULLY will save Americans 10 BILLION dollars a year. RIGHT BACK INTO THE UKRAINE LOL 1 Quote Link to comment Share on other sites More sharing options...
toslow Posted March 5 Share Posted March 5 2 minutes ago, Mainecat said: From the link…. it will save Americans 10 BILLION dollars a year. RIGHT BACK INTO THE ECONOMY! Sure right back on the CC to spend at a higher rate. you should stop if you don’t understand finance Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted March 5 Share Posted March 5 1 minute ago, Doug said: LOL c0viD!!!! Quote Link to comment Share on other sites More sharing options...
Mainecat Posted March 5 Author Share Posted March 5 2 minutes ago, Doug said: LOL I sign of defeat…..editing a members post when you have zip. Quote Link to comment Share on other sites More sharing options...
Doug Posted March 5 Share Posted March 5 8 minutes ago, Mainecat said: I sign of defeat…..editing a members post when you have zip. No edit just correcting it for you 1 Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted March 5 Share Posted March 5 49 minutes ago, steve from amherst said: Teaching people that being late paying bills, What could possibly go wrong. The Joos need to eat too. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 5 Platinum Contributing Member Share Posted March 5 Just now, ActionfigureJoe said: The Joos need to eat too. Will probably result in twice as much spent on interest. Let's face it, it's the people who are paying late that carry a balance Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 5 Platinum Contributing Member Share Posted March 5 Well look at this email I got today. From wex bank, they process all fleet accounts for shell and exxon/mobil The Late Fee is increasing to the greater of $75 or 7.49% (for monthly Billing Cycles) of the Total Outstanding Balance on the Calculation Date;1,2 Quote Link to comment Share on other sites More sharing options...
polaris7541 Posted March 5 Share Posted March 5 SO THIS IS THE REMEDY FOR BIDENS INFLATION ,, GIMMIE A BREAK,, this administration is so azz backwards its pathtec 2 Quote Link to comment Share on other sites More sharing options...
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