Biden administration wants credit card late fees slashed to $8

[turbofish]

MSN

www.msn.com

The lefts reaction [seems they are the ones who can't pay their bills on time] is we need to stop credit companies from making profits. They are all in favor of this.
The rights reaction is this will limit profits and the companies are just going to charge higher rates and make access to funds more difficult. Companies exist to make money. Biden wants to make sure that companies can't make money.

Personal background on this topic. I am in the finance business. OK, it is a used car business but when the CEO is asked what kind of business we are in, it is finance since we provide funding for our customers. A lot of funding. Our current income is over a billion dollars a year. We provide a product and earn money on providing funding for that product.

The way that I look at it is if you don't want a late fee, pay your bills on time.

 

[1srelluc]

It's hard to believe that there was a time when the average homeowner earning a modest but decent lower middle class living could not even qualify for a credit card and when you did finally qualify there were strict limits as to how much you could put on them.....The wife said our first one was like $1500.00.

 

[Votto]

MSN

www.msn.com

The lefts reaction [seems they are the ones who can't pay their bills on time] is we need to stop credit companies from making profits. They are all in favor of this.
The rights reaction is this will limit profits and the companies are just going to charge higher rates and make access to funds more difficult. Companies exist to make money. Biden wants to make sure that companies can't make money.

Personal background on this topic. I am in the finance business. OK, it is a used car business but when the CEO is asked what kind of business we are in, it is finance since we provide funding for our customers. A lot of funding. Our current income is over a billion dollars a year. We provide a product and earn money on providing funding for that product.

The way that I look at it is if you don't want a late fee, pay your bills on time.

Biden fixed the border and inflation, surely he can fix this as well.

Then again, maybe all democrats can do is control the weather.

 

[Lisa558]

So his idea is to disincentivize people from honoring their financial obligations by minimizing the penalty for failing to do so. Got it.

 

[Resnic]

If it happened they will just take the money in some other form like access or processing fees.

Or it could cause a greater amount of debt as you greatly ease people's willingness to rack of up credit card debt. Someone with say 2 cards might get 5 or 6 of them.

 

[Lord Long Rod]

Hell, just go ahead and make it a law, Joe. Oh wait… YOU CAN’T!!

 

[shockedcanadian]

Capitalism is beautiful but also requires a financially literate population to ensure wise.decisions. Most who profit don't want that. It also required more risk of capital rather than government borrowing but I digress.

 

[BothWings]

MSN

www.msn.com

The lefts reaction [seems they are the ones who can't pay their bills on time] is we need to stop credit companies from making profits. They are all in favor of this.
The rights reaction is this will limit profits and the companies are just going to charge higher rates and make access to funds more difficult. Companies exist to make money. Biden wants to make sure that companies can't make money.

Personal background on this topic. I am in the finance business. OK, it is a used car business but when the CEO is asked what kind of business we are in, it is finance since we provide funding for our customers. A lot of funding. Our current income is over a billion dollars a year. We provide a product and earn money on providing funding for that product.

The way that I look at it is if you don't want a late fee, pay your bills on time.

The way I look at it is if you're going to threaten me with astronomical late fees for even the MAYBE twice a year I am slightly late, I won't be using your business. Same thing with banks that charge 20+% on loans. Keep it. I'll work something else out.

 

[Dekster]

MSN

www.msn.com

The lefts reaction [seems they are the ones who can't pay their bills on time] is we need to stop credit companies from making profits. They are all in favor of this.
The rights reaction is this will limit profits and the companies are just going to charge higher rates and make access to funds more difficult. Companies exist to make money. Biden wants to make sure that companies can't make money.

Personal background on this topic. I am in the finance business. OK, it is a used car business but when the CEO is asked what kind of business we are in, it is finance since we provide funding for our customers. A lot of funding. Our current income is over a billion dollars a year. We provide a product and earn money on providing funding for that product.

The way that I look at it is if you don't want a late fee, pay your bills on time.

One of his concurrent proposals I actually do support is your bank charging you if a check you deposit from someone else bounces. Why the hell should I be penalized if someone else bounces a check to me? It has only happened to me twice, but still, not like I have anyway of knowing a check is going to bounce until it does.

 

[Lisa558]

If it happened they will just take the money in some other form like access or processing fees.

Or it could cause a greater amount of debt as you greatly ease people's willingness to rack of up credit card debt. Someone with say 2 cards might get 5 or 6 of them.

Yeah, and then Biden will have a credit card forgiveness program of some sort.

 

[B. Kidd]

MSN

www.msn.com

The lefts reaction [seems they are the ones who can't pay their bills on time] is we need to stop credit companies from making profits. They are all in favor of this.
The rights reaction is this will limit profits and the companies are just going to charge higher rates and make access to funds more difficult. Companies exist to make money. Biden wants to make sure that companies can't make money.

Personal background on this topic. I am in the finance business. OK, it is a used car business but when the CEO is asked what kind of business we are in, it is finance since we provide funding for our customers. A lot of funding. Our current income is over a billion dollars a year. We provide a product and earn money on providing funding for that product.

The way that I look at it is if you don't want a late fee, pay your bills on time.

10-4!

El Presidente's proclivity towards fascism never ends!!

 

[B. Kidd]

Capitalism is beautiful but also requires a financially literate population to ensure wise.decisions. Most who profit don't want that. It also required more risk of capital rather than government borrowing but I digress.

I assume budgeting isn't taught anymore.

 

[Ray From Cleveland]

MSN

www.msn.com

The lefts reaction [seems they are the ones who can't pay their bills on time] is we need to stop credit companies from making profits. They are all in favor of this.
The rights reaction is this will limit profits and the companies are just going to charge higher rates and make access to funds more difficult. Companies exist to make money. Biden wants to make sure that companies can't make money.

Personal background on this topic. I am in the finance business. OK, it is a used car business but when the CEO is asked what kind of business we are in, it is finance since we provide funding for our customers. A lot of funding. Our current income is over a billion dollars a year. We provide a product and earn money on providing funding for that product.

The way that I look at it is if you don't want a late fee, pay your bills on time.

This is part 2 of an Obama policy. Back when he was President he signed an EO stopping card companies from instituting high late fees and increasing interest rates for irresponsible borrowers. At the time I had a credit card balance. With my outstanding credit rating, I was able to take advantage of many introductory offers which was 0% interest for 12 months and no transfer fees. When that expired if I still had a balance, I would simply get another card with the same introductory offer.

After DumBama Fd things up, I could no longer get those offers. I still got 0% interest, but had to pay a transfer fee based on the amount I transferred.

I dug around on the internet, and what I found is that banks made a good profit from those irresponsible borrowers. But once they could no longer do that, they turned to their responsible borrowers like myself to recoup that lost money.

So what's up with that? Irresponsible people are generally Democrats and responsible people Republican. Pandering to his voters, he placed the burden of irresponsible people on likely Republican voters. Now Dementia wants to do the same thing.

 

[Independentthinker]

MSN

www.msn.com

The lefts reaction [seems they are the ones who can't pay their bills on time] is we need to stop credit companies from making profits. They are all in favor of this.
The rights reaction is this will limit profits and the companies are just going to charge higher rates and make access to funds more difficult. Companies exist to make money. Biden wants to make sure that companies can't make money.

Personal background on this topic. I am in the finance business. OK, it is a used car business but when the CEO is asked what kind of business we are in, it is finance since we provide funding for our customers. A lot of funding. Our current income is over a billion dollars a year. We provide a product and earn money on providing funding for that product.

The way that I look at it is if you don't want a late fee, pay your bills on time.

The left are just so stupid it's hard to imagine their level of stupidity. Sure, we'll slash the late fees to $8 while the credit card companies come up with different fees, raise other fees, or raise their interest rates. Stupid is as stupid does.

 

[Lisa558]

The left are just so stupid it's hard to imagine their level of stupidity. Sure, we'll slash the late fees to $8 while the credit card companies come up with different fees, raise other fees, or raise their interest rates. Stupid is as stupid does.

Yup. I, who pays her bills on time, will be hit with higher interest rates to compensate for those too irresponsible to pay even a minimum payment on time.

 

[sartre play]

MSN

www.msn.com

The lefts reaction [seems they are the ones who can't pay their bills on time] is we need to stop credit companies from making profits. They are all in favor of this.
The rights reaction is this will limit profits and the companies are just going to charge higher rates and make access to funds more difficult. Companies exist to make money. Biden wants to make sure that companies can't make money.

Personal background on this topic. I am in the finance business. OK, it is a used car business but when the CEO is asked what kind of business we are in, it is finance since we provide funding for our customers. A lot of funding. Our current income is over a billion dollars a year. We provide a product and earn money on providing funding for that product.

The way that I look at it is if you don't want a late fee, pay your bills on time.

AGREE people should pay their bills,
What I Don't get is you say your making a billion dollars a year profit, yet still need that extra Nickle.
that a reduction in late fee charges wouldn't be helpful to those struggling.

 

[Independentthinker]

Yup. I, who pays her bills on time, will be hit with higher interest rates to compensate for those too irresponsible to pay even a minimum payment on time.

I'm guessing you were born into white privilege. LOL.