Credit Card Delinquencies Hit All-Time High, So Biden Caps Late Fees

PJ Media ^ | 04/12/2024 | Rick Moran

[VideoDoctor]

I'm surprised GOOFY BIDEN hasn't come up with a PLAN to FORGIVE CC Debt like he's forgiving COLLEGE LOAN Debt. /s

[Myrddin]

I can see the banks resolving the problem by issuing declines on a card instead of late fees. Pay on time or you don't have a working card.

[MeneMeneTekelUpharsin]

Yes, same here. It’s been longer than 30 years here. Just posting the info so folks can see what they’re doing.

[Starboard]

“This is how you win over stupid voters, that is, most Americans.”

*************

Many Americans are easily misled and manipulated. It seems that most of the people can be fooled most of the time.

They also prefer to let the government tell them how to live instead of assuming personal responsibility for themselves.

We are living in interesting times.

[brownsfan]

“Many Americans are easily misled and manipulated. It seems that most of the people can be fooled most of the time.

They also prefer to let the government tell them how to live instead of assuming personal responsibility for themselves.”

That is to say, stupid.

[Sirius Lee]

How the bleep can Biden “cap” anything?

Because we have a feckless, effeminate, corrupt and impotent congress and a SCOTUS that is just ignored. There is no law in the U.S. anymore. Just force and a willingness to use it.

[gibsonguy]

Exactly, he does not have the authority to do this. No one stops him.

[z3n]

You’re right.
Good advice.

I tend to think most freepers are on the experienced side of life, but it’s still a good word of caution.

Who you have to feel bad for are the young kids coming out of public education who got indoctrinated about a thousand social issues but never learned about economics, debt, interest, markets, etc. They’re probably counting on someone like Biden to promise to forgive their credit card debts too.

FREE MONEY FOR EVERYONE!
We’ll just print more.

[moovova]

"Credit Card Delinquencies Hit All-Time High, So Biden Caps Late Fees..."

...and pegs everyone's FICO score at 850.

[moovova]

In response, CC card companies should just cancel the cards of delinquent users.

[cymbeline]

“caps late fees” means the rest of us will help bail out the borrowing addicts.

[linMcHlp]

bkmk

[ZOOKER]

My mind went straight to Biden's student loan program - manipulating debt to influence the masses.

When banks can no longer recover delinquent credit card debt, they'll stop issuing cards, starting with the worst credit risk customers. Big Gov steps in by issuing their own, like SNAP cards for everything, not just food. Now they know everything you buy, and can cut you off at a moment's notice.

That's a lot of power.

[Political Junkie Too]

Big deal. So the late fee was reduced from $32 to $8.

The account is till racking up interest even faster now because of the late (or no) payment of the revolving balance.

I don't like the use of regulatory agencies to issue diktats like this, but it is really like putting a band-aid on a gushing wound.

-PJ

[Freee-dame]

Personal responsibility is not even seen as a worthy goal in some segments of our population. Very sad.

[Salman]

What next? “Forgiveness” as with student loans?

[dfwgator]

What next? “Forgiveness” as with student loans?

That's been the plan all along.

[Political Junkie Too]

I don't think forgiveness is possible. This is privately held debt, unlike the student loans.

Bankruptcy is the only way to forgive private debt, but then that person will likely not be able to get future credit for a very long time.

-PJ

[GailA]

btt

[The Sons of Liberty]

I didn’t realize that the President had the authority to unilaterally cap fees.

Or forgive student loans.
And they claim Trump wants to be Dictator.