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Miss a credit card payment? Federal regulators want to put new limits on late fees
NPR ^ | 02/01/2023 | Joe Hernandez

Posted on 02/05/2023 11:52:50 AM PST by L.A.Justice

The Consumer Financial Protection Bureau is moving ahead with a plan to place new limits on credit card late fees that it says will save consumers money and prohibit companies from charging excessive penalties. But banking groups say the proposal would result in higher costs for consumers.

The proposal comes less than a year after the bureau found that credit card companies in 2020 charged $12 billion in late fees, which have become a ballooning revenue source for lenders.

(Excerpt) Read more at npr.org ...


TOPICS: Society
KEYWORDS: creditcards; economy
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To: L.A.Justice

One credit card, pay off the balance every month, be aware of how much money we have, how much we can spend…oh yeah and our house and two cars paid off. Work hard and keep as much money as you can then you won’t have to worry about late fees.


41 posted on 02/05/2023 1:50:23 PM PST by The Louiswu (- .-. ..- -- .--. / ..--- ----- ..--- ....-)
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To: SaxxonWoods

Yeah that’s why I had an account with small money until recently.

Hope to set up another again.


42 posted on 02/05/2023 2:26:42 PM PST by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: mountainlion

Missed one synchronicity pmt due to bank acct number change which cause problems with auto payment. Limit went from 4,000 to 1,200. Then I was 200 from going over new limit.
My credit score dropped 75 points from 768 like 680. Holy crap.


43 posted on 02/05/2023 2:31:59 PM PST by midwest_hiker
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To: ElkGroveDan

RE: the IRS “late fees”——maybe NY Post: maybe with citizens’ names on rounds being loaded.

The IRS arsenal of 4,600 guns includes 3,282 pistols, 621 shotguns, 539 rifles, 15 fully automatic weapons and four revolvers.

Of the IRS Criminal Investigation Special Agents, currently 2100 special agents carry firearms.

(Plus all federal, state and local law enforcement are supposed to back them up.)


44 posted on 02/05/2023 2:52:59 PM PST by frank ballenger (You have summoned up a thundercloud. You're gonna hear from me. Anthem by Leonard Cohen)
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To: L.A.Justice

‘Bout damn time! Credit card companies are worse than the mob. If I knew I had 6 months to live, or I was going into a nursing home, I would run them up to the max, just to leave the shylocks a parting gift from me!


45 posted on 02/05/2023 3:00:17 PM PST by Penelope Dreadful (And there is Pansies, that's for Thoughts. +Sodomy & Abortion are NOT cornerstones of Civilization! )
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To: BenLurkin

Dream on there Ben! Trust me, just as many deadbeats among Republicans.


46 posted on 02/05/2023 3:01:26 PM PST by Penelope Dreadful (And there is Pansies, that's for Thoughts. +Sodomy & Abortion are NOT cornerstones of Civilization! )
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To: L.A.Justice

They have to make money somehow.

It should be illegal to make the “date due” always fall on a Sunday.

That is all.


47 posted on 02/05/2023 3:03:17 PM PST by Jim Noble (You have sat too long for any good you have been doing)
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To: L.A.Justice; PAR35
I don’t recall ever paying a late fee. Some interest, maybe, but not a late fee.

If I happen to have had a late payment, I simply call customer service and ask to have it reversed. I may have to give a good reason. I’ve never been turned down. Occasionally the rep will say that as long it’s not more than once a year, no problem.

48 posted on 02/05/2023 5:39:52 PM PST by The Truth Will Make You Free
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To: L.A.Justice

The late fees should not be changed. What should be changed is the time period to declare it late. I was charged a late fee on my house mortgage. I mailed the check the day after I received my billing. Per the mortgage company, they did not receive it until 20 days after mailing. I suspect they were correct. Lost letters and late letters are endemic to the United States Postal Service. I would suggest a 45 day period to access late fees.

PS
I called the mortgage company and asked them to look at my payment history of never once being late and always early. I also mentioned I had 40k in my accounts with them, so money was not the problem. They did and courteously waived the late fee. I do not blame the mortgage company. I blame the United States Mail Service. Midwest was the company handling billing to me for my bank from which I had the mortgage. They were fair and efficient.


49 posted on 02/05/2023 7:51:31 PM PST by cpdiii (CANE CUTTER-DECKHAND-ROUGHNECK-OILFIELD CONSULTANT-GEOLOGIST-PILOT-PHARMACIST)
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To: cpdiii

I stopped sending in my checks using mail a long time ago...I pay bills online...More convenient...


50 posted on 02/06/2023 12:50:52 AM PST by L.A.Justice
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