Good News Delayed...Federal Judge (Temporarily) Blocks Biden Plan to Limit Credit Card Late Fees

[OKTexas]

Xiden’s trying to bailout dembot deadbeats that can’t handle their personal finances

And buy votes in the process.

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[OKTexas]

It is his job specifically to protect the people.

Not from themselves.

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[OKTexas]

How will it "cause more damage than it fixes" if you get charged $8 for a late payment instead of your getting charged $38 for the same late payment?

The company will cancel the cards and demand payment in full, if they can't make enough to make it worth while. They will also deny credit to people with marginal finances in the future.

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[OKTexas]

A negative impact on the lender...I see.

The "lenders" made $8B in overdraft fees last year according to one source I read.

Of course they didn't say how much the banks lost due to defaults. Damn you commies are gullible.

Card industry faces $400B in fraud losses over next decade, Nilson says

Fraud-fighting efforts kept card industry losses at bay last year, according to Nilson Report, but the research firm says don’t expect the same when this year wraps up. "The decline in the dollar amount of fraud losses in 2020 will not be repeated in 2021," the report said.

www.paymentsdive.com

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[candycorn]

Wait a damn minute, aren't you commies constantly spewing crap on how great the economy is. People are able to pay their bills in a great economy. That said, folks agreed to the terms to have the credit card in the first place. The feds have no authority to interfere in private contracts. If the consumer doesn't like the terms, they can pay off the card and close the account and find a product that suits them better. BTW, banks look like total armatures compared to the IRS.

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Of course they didn't say how much the banks lost due to defaults. Damn you commies are gullible.

Card industry faces $400B in fraud losses over next decade, Nilson says

Fraud-fighting efforts kept card industry losses at bay last year, according to Nilson Report, but the research firm says don’t expect the same when this year wraps up. "The decline in the dollar amount of fraud losses in 2020 will not be repeated in 2021," the report said.

www.paymentsdive.com

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The company will cancel the cards and demand payment in full, if they can't make enough to make it worth while. They will also deny credit to people with marginal finances in the future.

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Actually it was his companies that went belly up, not him personally. Of course you being a retard, you have no clue between cooperate and personal finances.

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Nope, that's exactly why the feds have no authority in the matter.

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You would be for this program (as would any consumer with 2 working brain cells) if it were proposed by anyone other than Joe Biden.

Last week, you were singing the praises of being shafted by airlines who could just give you a FFC instead of cash. Today you're happy paying exorbitant late fees. The head of one bank even called his yacht "Overdraft".

Given that red states have, by far, the most poverty and predatory lending practices to go along with it; even a single cell organism would say this is a good deal for red state voters.

 

[candycorn]

And buy votes in the process.

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I think he was thinking of you guys....

I still have a few cans of Spam left, along with a crossbow and compound bow. Food is hard to find, i guess i will have to eat rat soon.

I can't afford to eat at McDonalds anymore.

I recommend we call "our" state legislators & governors, and demand rent control laws,

 

[Rogue AI]

I can't believe the House didn't bring this up. I'm stunned I tell you!!!!

House Democrats are too busy supporting terrorists on college campuses or otherwise appeasing anti-semites. You folks should probably address that.

 

[OKTexas]

You would be for this program (as would any consumer with 2 working brain cells) if it were proposed by anyone other than Joe Biden.

Last week, you were singing the praises of being shafted by airlines who could just give you a FFC instead of cash. Today you're happy paying exorbitant late fees. The head of one bank even called his yacht "Overdraft".

Given that red states have, by far, the most poverty and predatory lending practices to go along with it; even a single cell organism would say this is a good deal for red state voters.

How about you prove your second sentence, hell how about you prove the whole damn thing and then try addressing what I actually said. And a note to the fucking clueless, I haven't been in an airport or flown since a few years before the TSA took over airports. If I go on a trip, I drive. I don't give a rip what the airlines do.

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[candycorn]

House Democrats are too busy supporting terrorists on college campuses or otherwise appeasing anti-semites. You folks should probably address that.

Oh? I'm sure HAMAS appreciated the 2 months where the GOP lead house did nothing to support Israel.

 

[candycorn]

How about you prove your second sentence, hell how about you prove the whole damn thing and then try addressing what I actually said. And a note to the fucking clueless, I haven't been in an airport or flown since a few years before the TSA took over airports. If I go on a trip, I drive. I don't give a rip what the airlines do.

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Oh, I'm sorry....

Biden change the rules to make airlines refund you in cash if there is significant delays, cancelled flights, or scheduling changes. In the past, all they had to do was give you a credit for future flight (and they didn't have to even do that in every case). So you could get cash...you don't have to just take whatever the airlines felt like giving you. It empowers passengers.

What do you think of the plan?

Now...of course...your answer will be that you either "don't care" or you hate it even though there are zero reasons to think it's better to get an FFC than cash. So I'm sure your answer will be "don't care".

 

[Polishprince]

It is his job specifically to protect the people.

How does this protect the people lending money from the inconvenience and pain of a deadbeat not making prompt payment?

 

[LeroyDumonde]

It also means that consumers could have saved a very large percentage of that $8B they shelled out if the blob had passed this while he was in charge.

Why should the government reward bad choices that people make?

 

[candycorn]

Why should the government reward bad choices that people make?

Not sure how it’s a reward... elaborate.

 

[LeroyDumonde]

Not sure how it’s a reward... elaborate.

Not paying a reasonable late fee for paying late is a reward.

 

[Polishprince]

Not paying a reasonable late fee for paying late is a reward.

They won't have to worry about paying late fees under these new regulations Sleepy Joe is imposing unilaterally.

They'll end up having their credit revoked. If a lender can't make money on an account sufficiently to justify the risk, he isn't going to continue to extend credit.

 

[OKTexas]

Oh, I'm sorry....

Biden change the rules to make airlines refund you in cash if there is significant delays, cancelled flights, or scheduling changes. In the past, all they had to do was give you a credit for future flight (and they didn't have to even do that in every case). So you could get cash...you don't have to just take whatever the airlines felt like giving you. It empowers passengers.

What do you think of the plan?

Now...of course...your answer will be that you either "don't care" or you hate it even though there are zero reasons to think it's better to get an FFC than cash. So I'm sure your answer will be "don't care".

Once again you're being nonresponsive. You said this?

"Last week, you were singing the praises of being shafted by airlines who could just give you a FFC instead of cash. Today you're happy paying exorbitant late fees. The head of one bank even called his yacht "Overdraft"."

1. You claimed I did something very specific: "Last week, you were singing the praises of being shafted by airlines who could just give you a FFC instead of cash." I asked you to prove that claim. You deflected.

2. You claimed: "Today you're happy paying exorbitant late fees." First prove I pay late fees, second prove I'd be happy about it.

3. You also said: "The head of one bank even called his yacht "Overdraft" Question, are you commies so freaking ignorant to not know, the term "Overdraft", is related to checking accounts, not credit cards? ROFLMAO..

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[Polishprince]

What libs don't realize about this kind of thing is that regulations change people's behaviors in more ways than just the regulation. If the banks are being denied the right to charge an appropriate fee for late payments, they will just do something else to alleviate the problem of people not paying as they should.

And those ways may be worse for the deadbeats.