So, Seeing that Americans are struggling to pay their credit card debt on time, Joe Biden is riding to the rescue by putting a cap of $8 on late fees.
See here:
https://www.cbsnews.com/news/credit-card-late-fees-cfpb-biden-strike-force/
[EXCERPT]
The Consumer Financial Protection Bureau’s new regulations will set a ceiling of $8 for most credit card late fees, or require banks to show why they should charge more than $8 for such a fee. The effort will save Americans up to $10 billion a year, the agency estimates.
The push comes a year after President Joe Biden vowed to ban junk fees in his 2023 State of the Union address, calling them “unfair.” Junk fees generate big money for businesses, ranging from airlines to financial services firms, with consumers paying at $90 billion annually in excessive charges, the White House said on Tuesday.
“In credit cards, like so many corners of the economy today, consumers are beset by junk fees and forced to navigate a market dominated by relatively few, powerful players who control the market,” said Rohit Chopra, director of the CFPB, in a statement.
You still have to pay interest that can be over 25%. That is where they get you.
While I understand ALL the arguments against it, an $8 cap is going to be wildly popular and buy China’s puppet emperor votes.
I put my student loans on a credit card - all good...