Free Republic
Browse · Search
General/Chat
Topics · Post Article

Under the CFPB's proposed rule published Wednesday, late fees would be capped at $8. Credit card companies could charge more if they could prove that it was necessary to cover the costs of collecting the late payment, but the bureau said it had preliminarily found that the revenue generated by late fees was five times higher than related collection costs.

The proposal would also end the automatic inflation adjustment and cap late fees at 25% of the required minimum payment rather than the 100% that's currently permitted.

I paid late fees in the past...I was not happy about that...However, I do not support too many government regulations...Like these proposed regulations...I do understand that credit card companies have make money somehow...

1 posted on 02/05/2023 11:52:50 AM PST by L.A.Justice
[ Post Reply | Private Reply | View Replies ]


Navigation: use the links below to view more comments.
first 1-2021-27 next last
To: L.A.Justice

Banks have no one to blame but themselves…

They act like sharks then squeal like rabbits when they get caught.


2 posted on 02/05/2023 11:55:53 AM PST by HamiltonJay
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

I wonder if this is going to include IRS “late fees?”


3 posted on 02/05/2023 11:56:10 AM PST by ElkGroveDan (My tagline is in the shop.)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

Also will result in fewer people getting credit cards, and we all know who the demographic that will be hardest is.


4 posted on 02/05/2023 11:57:30 AM PST by dfwgator (Endut! Hoch Hech!)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice
I do understand that credit card companies have make money somehow..

I would think the usurious interest rates they charge would provide a sufficient income.

What they are doing is maximizing revenue by issuing cards to irresponsible consumers and then charging good customers exorbitant interest rates to make up for the losses. And they are also able to do this because there are too few banks and too little competition, thanks to lobbying to make sure the anti-trust regulators remain asleep.

5 posted on 02/05/2023 11:58:57 AM PST by pierrem15 ("Massacrez-les, car le seigneur connait les siens" )
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice
The Consumer Financial Protection Bureau

This is the new Fedzilla Monster originally conceived by Elizabeth Warren and then put into Dodd Frank Bill, promoted by Obama.

would anyone in the GOP dare to suggest eliminating this bloated, meddling, Fed.gov central-planning bureau? No, I didn't think so.

6 posted on 02/05/2023 11:59:51 AM PST by PGR88 (, )
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

there’s a difference in partial payment and no payment

when you hit the no payment stage, well...


7 posted on 02/05/2023 12:00:33 PM PST by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

Synchrony Bank canceled my credit card without a real reason then lied to make up one.


8 posted on 02/05/2023 12:04:11 PM PST by mountainlion (Live well those that did not make it back.)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

I haven’t missed a payment in years. With this proposal, I would be paying more in fees that should rightly be paid by the offender. The credit card company will raise fees for the good customers.

Typical for democrats. They gave people permission to steal up to $950 from stores without any fear of prosecution. Their whole goal is life is to take money from the good guys and give it to the bad guys.


10 posted on 02/05/2023 12:05:07 PM PST by I want the USA back (News media are pond scum. My pronouns: Haha, heehee, hoho, hoo hoo. )
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

Deadbeats are a Democrat Party core votet block.


11 posted on 02/05/2023 12:06:12 PM PST by BenLurkin (The above is not a statement of fact. It is either opinion, or satire, or both.)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice
This is all about the Biden administration covering up how badly they screwed up the economy.

Since Credit card debt soars to record high, Biden has to ease the pain of late fees as people defer credit card payments.

So now we have a Biden pattern:

  1. Defer mortgage payments at the cost to landlords
  2. Defer school loan payments at the cost to taxpayers
  3. Encourage deferring credit card payments by reducing late fees at the cost to lenders
What's the next consumer obligation that Biden will try to buy off?

-PJ

12 posted on 02/05/2023 12:09:23 PM PST by Political Junkie Too ( * LAAP = Left-wing Activist Agitprop Press (formerly known as the MSM))
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

This will force credit card companies to lower the goodies paid out to the good payers and perhaps raise their interest rates.

When someone gets something, someone has to pay for it, and it won’t be the credit card companies.


13 posted on 02/05/2023 12:11:18 PM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

I hate to pay late fees. So I almost always pay on time. But if you pay regularly, Discover will (if you ask nice) forgive one a year.


14 posted on 02/05/2023 12:12:19 PM PST by PAR35
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

They wanted to help consumers they would ban 24% interest rates on cards.


15 posted on 02/05/2023 12:13:12 PM PST by mware
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

I never had to pay a late fee or interest on a credit card.

Use it sparingly, only for a credit score. Charge less than 10% of the limit and pay the balance in full immediately.


17 posted on 02/05/2023 12:13:43 PM PST by Tired of Taxes
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

If the federal government is so interested in regulating and controlling everything (for the good of the people, mind you!) then they should require all credit card holders to attend and pass a course on consumer financial management and budgeting.

They should also require all school children to get the same training. Too many people sink themselves into unmanageable credit card debt out of ignorance and naivety.

Ultimately it is the consumers’ own fault, not the banks’ fault, they are paying too much in fees.

If you must regulate, then regulate some individual responsibility.

This may be a different take on things but sometimes you need to protect the people from themselves first.


21 posted on 02/05/2023 12:27:35 PM PST by clashfan (Whom shall I fear?)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

If the federal government is so interested in regulating and controlling everything (for the good of the people, mind you!) then they should require all credit card holders to attend and pass a course on consumer financial management and budgeting.

They should also require all school children to get the same training. Too many people sink themselves into unmanageable credit card debt out of ignorance and naivety.

Ultimately it is the consumers’ own fault, not the banks’ fault, they are paying too much in fees.

If you must regulate, then regulate some individual responsibility.

This may be a different take on things but sometimes you need to protect the people from themselves first.


22 posted on 02/05/2023 12:27:35 PM PST by clashfan (Whom shall I fear?)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

“But banking groups say the proposal would result in higher costs for consumers.”

What are they going to do? Start charging for the card to have one? Start charging the card holder transaction fees? Start overcharging vendors who accept them? I can’t see a negative in that at all, because fewer will want them, accept them, or use them.

Which is a good thing...


24 posted on 02/05/2023 12:39:37 PM PST by Openurmind (The ultimate test of a moral society is the kind of world it leaves to its children. ~ D. Bonhoeffer)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice

Crapola...I am missing out on all these benefits, since I pay my credit card bill in full every month. I only charge on credit card which I can pay in full every month.


27 posted on 02/05/2023 12:48:42 PM PST by entropy12 (Food is most popular anxiety drug, exercise is the least popular.)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice
I do understand that credit card companies have make money somehow...

If there’s any industry I’m worried about going broke it’s not credit card companies.

28 posted on 02/05/2023 12:49:07 PM PST by GaryCrow
[ Post Reply | Private Reply | To 1 | View Replies ]

To: L.A.Justice
I do understand that credit card companies have make money somehow...

If there’s any industry I’m worried about going broke it’s not credit card companies.

29 posted on 02/05/2023 12:50:29 PM PST by GaryCrow
[ Post Reply | Private Reply | To 1 | View Replies ]


Navigation: use the links below to view more comments.
first 1-2021-27 next last

Free Republic
Browse · Search
General/Chat
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson