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...
Banks have no one to blame but themselves…
They act like sharks then squeal like rabbits when they get caught.
I wonder if this is going to include IRS “late fees?”
Also will result in fewer people getting credit cards, and we all know who the demographic that will be hardest is.
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.
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.
there’s a difference in partial payment and no payment
when you hit the no payment stage, well...
Synchrony Bank canceled my credit card without a real reason then lied to make up one.
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.
Deadbeats are a Democrat Party core votet block.
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:
-PJ
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.
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.
They wanted to help consumers they would ban 24% interest rates on cards.
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.
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.
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.
“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...
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.
If there’s any industry I’m worried about going broke it’s not credit card companies.
If there’s any industry I’m worried about going broke it’s not credit card companies.