The U.S. government on Tuesday announced it would sharply limit the fees that credit card companies can charge customers who fall behind on their bills, aiming to cap the penalties at $8 in a move that immediately drew fierce resistance from financial giants.
The credit card rules are part of new efforts to promote competition and crack down on “junk fees,” which President Biden has blasted as inflation remains high.
Joe Biden doesn’t know where he is, it sounds so funny to say he’s “cracking down” on something. Sir, no, he’s shitting in his pants and staring at a ceiling fan
Here is the article without the paywall: archive.is/iDZ6F
Damn how’d they pull this off? Did the banks not have enough lobbyists?
That’s how we make our money is off the backs of the poors wailed the credit card companies.
Genuinely curious. Does the US not know about debit cards?
This says late payments, not overdraft. Big whoop.
So, $10 Billion in CC Debt relief, assuming $300/yr Savings, means 35 Million Americans aren't paying their CC Debt off, 75 Million don't even have a CC and 45 Million just started repaying predatory Student Loan Debt. Bidenomics is creating a new Indentured Servitude Class at Scale and Scope.
Don’t know way that’s a big issue. Everyone has so much cash around. They must be burning it.