Credit card late fees capped at $8 under Biden crackdown on 'junk fees'
Credit card late fees capped at $8 under Biden crackdown on 'junk fees'
The Biden administration finalized a rule Tuesday that will close a loophole to slash fees charged by companies from an average of $32 to $8.
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Like they're going to just take the lack of those fee profits off the bottom line. Look forward to the new and/or increased yearly fees now.
Is your suggestion to just continue to pay the companies whatever they ask for without a fight?
It wasn't a suggestion at all.
I was just saying that we, the consumer are going to end up paying for it somehow or another.
then why have any consumer protections? and why have a minimum wage?
They are just going to make up for it with higher prices right? Let's make min wage $1 so we can all enjoy low prices. right?
You are playing into their hands
Even if that was the end result, still better than now as it would be a planned expense rather than an additional weight on people in financial trouble
Have to start somewhere. This might move the fees upfront and keep people from getting trapped when the person doesn’t read all the fine print.
Assuming the total remains similar, its good to move the burden away from people who are struggling.