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

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

[lula]

Such a great economy, he has to cap late fees? More buying votes.

[NorthMountain]

Neither Constitution nor statutory Law impede the modern day Feral Government seizing any power for which it has an insatiable lust.

[dakine]

I put my student loans on a credit card - all good...

[Texan4Life]

Int. fees should capped.

[SaveFerris]

2008 is coming again

Few believe me but...they will

[Fury]

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

For the better part of five years I have been getting junk mail for high fee / high interest rate credit cards AND letters from debt settlement companies that want to settle unsecured debt for pennies on the dollar.

I always call these companies and ask my name be removed from their mailing lists.

Most of the time they are polite and comply. Sometimes they aren't.

Once such company is Debt Advisors of America. When I called and asked my name to be removed from the mailing list, the person on the phone asked "so you're okay with high interest debt?"

I replied, "well, I don't have that type of unsecured debt and if I don't pay off the balance in full every month, I pay 2-3x the amount of the minimum payment due plus any interest payment.

The sales person made it clear that I was not responsible for my debt and that the credit card companies are to blame.

I reiterated to remove my name from their mailing list. His snarky response was "enjoy your high credit card monthly payments". I replied I have the means to make those payments.

They're one of a group of nasty companies that use every trick in the book to scare people and also to make them think that people are not responsible to pay off their unsecured debt.

Here's the other warning about such companies. When I looked them up online before I called, I saw complaints about how they will tell people who enroll in their debt settlement program to stop making monthly credit card payments, so that companies are incentivized to settle debt for 1/3-2/3 of the original amount due.

The problem is some credit card companies won't do that - they willl opt to sue you for the full amount. I had a friend at a former job site who was faced with that. I advised him once he was process served a complaint to see an attorney immediately. He was able to enter into a payment agreement with the credit card company and avoided wage garnishment.

[glennaro]

This is how governments move into tyranny:
They endear themselves to stupid voters by rescuing stupid voters from the problem government (deliberately) created.

Besides (not that he's worried about the "opposition party" for a hot second), where does FU-Biden get the authority to interfere with, much less to control, a private contract?

[Fury]

Re: 44 - I just got a prequalified offer for a credit card today.

34.9% APR.

$250 annual fee.

I understand people may need to reestablish credit. But using cards like that is not the way.

One way is to find someone will will take you on as an Authorized User. I did that for my stepdaughter for a Mastercard and American Express card as she had no credit when she studied in the US. She used/uses the card responsibly and pays off her charges.

She now gets prequalified offers for Discover, Citibank (Custom Cash. etc), Amex, etc - at least 2-3 offers per month. She’s currently living in Japan and is coming back next year, but someone becoming an AU and using credit responsibly is one possible option.