BREAKING: Joe Briben caps credit card late fees at $8.

[Neo TheInsurrectionistONE]

You know what? I want to hate on Brandon for this, but I can't find anything bad about this...

yet

When I was transitioning between careers a couple of years back, I was struggling and mainly living off my credit cards and there were many times that I made late payments, and those fees were eating ya boy up.

So I know this can help folks.

Credit card late fees capped at $8 as part of Biden crackdown on junk fees​

New YorkCNN —
Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees.
The Consumer Financial Protection Bureau estimates the new regulation, first proposed in February 2023, will save families more than $10 billion a year by cutting fees from an average of $32.
The new rule applies to large credit card issuers – those with more than 1 million accounts. These companies represent more than 95% of total outstanding credit card debt, according to the CFPB.
The new push to target credit card fees comes as the White House aims to show it is taking action to help families hurting from the high cost of living. The CFPB also proposed a rule in January that would curb excessive overdraft fees.
It also comes as Americans continue to pile on credit card debt, which recently exceeded a record $1.1 trillion. Some borrowers, especially Millennials and those with lower incomes, have been falling behind on their credit card debt following more than two years of high inflation.


More than 45 million people are charged late fees on credit cards each year, according to the CFPB. Those individuals will now save an average of $220 per year, regulators say.

https://www.cnn.com/2024/03/05/investing/credit-card-late-fees-biden/index.html

It's still TRUMP 2024 tho

 

[Micky Mikey]

Something something about his age

 

[Matt504]

this is great news.

 

[Charlie Hustle]

We may see his final form soon.

 

[⠀X ⠀]

Does he really think this is gonna help him on Election Day?

 

[br82186]

Does he really think this is gonna help him on Election Day?

Well the last n-gga did the bare minimum and almost got a second term out of it

 

[RageKage]

 

[Cakebatter]

This was suppose to be a cap on Bank overdraft fees. Those are far more dangerous than a $32 late fee on a credit line with 20+% interest, since the bank overdraft fees can be stacked at a faster rate. Is this another Biden switcheroo?

 

[ORDER_66]

And what about people who dont use credit cards... could have done something like this in the beginning instead of election time IJS but whatever hes not pandering for votes

 

[Hawaiian Punch]

Biden did that

 

[the cac mamba]

so then what is the card company's motivation to keep fronting you money?

i mean, i'm all for this in principle, but they don't spot you that money out of the goodness of their hearts aren't they just gonna cut people off now?

 

[ORDER_66]

DBL*

 

[RageKage]

This was suppose to be a cap on Bank overdraft fees. Those are far more dangerous than a $32 late fee on a credit line with 20+% interest, since the bank overdraft fees can be stacked at a faster rate. Is this another Biden switcheroo?

My bank allows u to opt out of overdraft if u spend 60 seconds to ask. Set up an account for a child and this was an option

 

[UWasntThere]

And what about people who dont use credit cards... could have done something like this in the beginning instead of election time IJS but whatever hes not pandering for votes

Just accept it as a good thing and move on

 

[Cakebatter]

so then what is the card company's motivation to keep fronting you money?

i mean, i'm all for this in principle, but they don't spot you that money out of the goodness of their hearts aren't they just gonna cut people off now?

Credit card companies make a killing on the interest. The high late fee is just gravy. If you owe $5k on your credit card with 18% interest rate, they are charging you $89 a month just in interest. That's plenty of incentive all by itself.