President Joe Biden Announces Cap of All Credit Card Late Fees at $8

President Biden sure is looking out for the little guy with his war on junk fees and “shrinkflation.” He’s going to eliminate those junk fees on concert ticks, cap penalties for overdrawing your bank account, and make sure that Cookie Monster gets the same number of cookies he paid for. Meanwhile, as we reported last August, the Federal Reserve announced that Americans had aggregated more than $1 trillion of credit card debt for the first time ever under Bidenomics. Why doesn’t Biden just forgive credit card debt if he can forgive student loans despite the Supreme Court’s ruling?

The Biden administration announced Tuesday that it was going after more junk fees, capping late payment charges on credit cards at $8.

The Biden administration announced a rule Tuesday to cap all credit card late fees at $8, or about one-quarter of the average late fee of $32. https://t.co/vEAcXz6JZt

— CBS News (@CBSNews) March 5, 2024

CBS News reports:

The Biden administration announced a rule Tuesday to cap all credit card late fees at $8, or about one-quarter of the average late fee of $32. It’s the latest effort from the White House to attack what it calls “junk fees,” or excessive fees that can push up the end price of products.

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.

Maybe the Biden administration could look into why more Americans have turned to credit cards to cover the basics under his administration.

🚨Breaking: You wouldn’t have late fees on your credit cards in a strong economy

— JDO Post | 𝙽𝚎𝚠𝚜 + 𝙰𝚗𝚊𝚕𝚢𝚜𝚒𝚜 (@JDOPost) March 5, 2024

It’s a very telling sign when one of the President’s key promises, is that he will try to relieve the pain of your overwhelming credit card debt, the one that blew out of control when you had to start buying groceries and fuel with it. All thanks to Bidenomics.

— Conspiracy News (@conspiracynews_) March 5, 2024

Recommended

And just like that prepare for annual fees on all cards.

— Reply Guy (@SnapperBait) March 5, 2024

Say goodbye to free credit cards.

— Jerry Grey🐊 (@Jerry__Grey) March 5, 2024

More silly pandering. How about capping the aid to Ukraine and the illegals coming over the border?

— MonaKnows (@MonaKnows2) March 5, 2024

Yes, that.

Credit card debt is at an all time high. Delinquency the same. If we had a strong economy this wouldn’t be an issue.

— Lady (@lovingit111) March 5, 2024

Believe it or not you can pay $0 in late fees with this one weird trick….

— Catherine (@CatherineInFL) March 5, 2024

Wow I wonder how a dictator would act?

— Mike Merc (@mikemerc57) March 5, 2024

In another fascist move, the Biden administration….

— PA VOTER (Marla) (@PAKAG2020) March 5, 2024

And anyone that’s ever taken a basic finance course understands what will happen next, average credit card interest rates increase. In other words, people who pay late will be subsidized by everyone else. This is basic finance. These companies aren’t just going to take a hit.

— Zach (@WiedowerZ) March 5, 2024

It’s hard to say who wants to have complete control of the private sector, Biden or Sen. Elizabeth Warren. They’d both end the price-gouging and corporate greed that just happened to appear when Biden took office.

They really do want to crash the financial system

— Reaganette (@Ezinger44) March 5, 2024

With record high credit card debt due to inflation and interest rates. What a guy.https://t.co/70MrJpshm1

— Kelkat (@Tweetytweeter63) March 5, 2024

Instead of figuring out why credit card delinquencies are at decades high right now, he is attacking late fees.

— Brandon Saario (@SaarioBrandon) March 5, 2024

Almost makes up for the border, the imprisonment of his political enemies, the billions wasted on Ukraine, the vax mandate, and the bribery.

— Gerard (@gerardthelawyer) March 5, 2024

Credit card late fees are the number one issue for voters in 2024.

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