topic Re: 💳 Credit Card Fees...💳 in Community Chat

💳 Credit Card Fees...💳

Mz iMac — Tue, 05 Mar 2024 23:37:02 GMT

New York CNN —

"Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8......." 👍🏾

Full Article: cnn.com/2024/03/05/investing/credit-card-late-fees-biden/index.html

Re: 💳 Credit Card Fees...💳

Lakelife62 — Tue, 05 Mar 2024 23:47:51 GMT

Good. About time there are limits put on the credit card companies obscene fee structure.

Re: 💳 Credit Card Fees...💳

Meowingkitty — Tue, 05 Mar 2024 23:54:03 GMT

@Lakelife62 wrote:
Good. About time there are limits put on the credit card companies obscene fee structure.

They'll just make it up somewhere else.

Re: 💳 Credit Card Fees...💳

Travone — Wed, 06 Mar 2024 08:42:18 GMT

@Meowingkitty wrote:
@Lakelife62 wrote:
Good. About time there are limits put on the credit card companies obscene fee structure.
They'll just make it up somewhere else.

Yes they will. They will make it up by increasing rates elsewhere. People who pay their bills on time will now be charged more. In addition it will be more difficult for those who are late to get credit.

Also saw the government is going to go after other companies for their fees. If they are so worried about the American people paying too much perhaps they should lower their fees...aka taxes.

Re: 💳 Credit Card Fees...💳

Cats3000 — Wed, 06 Mar 2024 10:31:24 GMT

Not the business of ANY government at any level. Don't like fees? Don't encounter them. Pay in full by the due date. Or, move to another card. Don't need the government doing for me what I'm perfectly capable of doing for myselif.

Re: 💳 Credit Card Fees...💳

CelticCrafter — Wed, 06 Mar 2024 11:51:38 GMT

I'm pretty sure there are more pressing issues, other than credit card late fees on the minds of the American people.

Re: 💳 Credit Card Fees...💳

Lakelife62 — Wed, 06 Mar 2024 11:59:25 GMT

This is a prime example of the government working for the little people. Excessive late fees impact 45 million people every year. If you are one day late making your payment, credit card companies charge $35-$45. They are making billions and it's a huge rip off of the public.

I love how the peeps whine about the government being involved until it comes to their social security, medicare and the price of eggs and cat food. Then it's a catastrophe and someone needs to "step in". Anyone complaining about the government cap on insulin costs? That big pharma will raise their prices somewhere else?

I guess when you get yours from the government it's a-ok. Anybody else can go fly a kite.

Re: 💳 Credit Card Fees...💳

RespectLife — Wed, 06 Mar 2024 14:02:21 GMT

You do NOT pay a late fee if you pay at Least the minimum due by your due date.

If you can't afford to do that....I bet we are charging things we can't afford.

No excuse to pay late at all.

If it was a one time oops, most credit card companies will give you a courtesy credit back on your late fee.

If it is habitual....then a $35 late fee is deserved as far as I am concerned.

Easy answer, do NOT pay late.

Re: 💳 Credit Card Fees...💳

beckyb1012 — Wed, 06 Mar 2024 14:10:27 GMT

I pay in full in the next day's mail. Nobody or anything is getting a fee or my $$ out of me.

Re: 💳 Credit Card Fees...💳

arrabella — Wed, 06 Mar 2024 20:04:35 GMT

@beckyb1012 wrote:
I pay in full in the next day's mail. Nobody or anything is getting a fee or my $$ out of me.

Same here. As soon as a bill comes in, I pay it in full.

Re: 💳 Credit Card Fees...💳

Boehm Collector — Sun, 10 Mar 2024 19:59:48 GMT

@Lakelife62 I have no control over social security, medicare, the price of eggs, etc. etc. However, I do have control over my credit cards/spending. I use my credit cards but have never paid a late fee or interest on my credit cards. And I always pay my credit card bills in full (I have never carried a balance).

Re: 💳 Credit Card Fees...💳

Boehm Collector — Sun, 10 Mar 2024 20:03:41 GMT

My belief is that if someone can't afford to pay their credit card bills in full each month they are living above their means, My philosophy is if I can't pay for it in full it means I can't afford it.

Re: 💳 Credit Card Fees...💳

granddi — Sun, 10 Mar 2024 20:58:49 GMT

@Travone wrote:
@Meowingkitty wrote:
property @Lakelife62 wrote:
Good. About time there are limits put on the credit card companies obscene fee structure.
They'll just make it up somewhere else.
Yes they will. They will make it up by increasing rates elsewhere. People who pay their bills on time will now be charged more. In addition it will be more difficult for those who are late to get credit.

Also saw the government is going to go after other companies for their fees. If they are so worried about the American people paying too much perhaps they should lower their fees...aka taxes.

Texas lowered property taxes by law. My town in DFW is proposing a NEW road tax for everyone. It will be based on sq ft of home, apartment, business...............

Re: 💳 Credit Card Fees...💳

Wsmom — Sun, 10 Mar 2024 21:06:38 GMT

@Boehm Collector wrote:
My belief is that if someone can't afford to pay their credit card bills in full each month they are living above their means, My philosophy is if I can't pay for it in full it means I can't afford it.

In many cases this is true but many people live paycheck to paycheck and sometimes things come up that we just can't avoid and you have to purchase whether you can afford it or not and can't pay it off in full.

I am in a position now to pay off each month but certainly when I was young with small children and all the expenses even though I had a good job and didn't randomly spend I couldn't afford to pay it all off each month.

Re: 💳 Credit Card Fees...💳

Trailrun23 — Mon, 11 Mar 2024 04:02:39 GMT

What is worse than the late fees are the interest rates that seem to have no limit; some are charging 23% now. I have one credit card used only when we travel so we can rent a car, hotel room, or buy a plane ticket. I wish the interest rates were capped, as so many are trapped in massive credit card debt; they will never be able to get out from under what they owe these companies.

Re: 💳 Credit Card Fees...💳

elated — Mon, 11 Mar 2024 05:16:36 GMT

I don't understand why people think the credit card companies are going to go along with these late fees..When is the law going to pass? It is just another promise with no reality check.

If you only pay a minimum on your credit card, the interest rates will make it next to.impossible to get ahead. Many people are suffering due to inflation and living on their credit cards. It is sad.

Re: 💳 Credit Card Fees...💳

Firefly901 — Mon, 11 Mar 2024 05:27:45 GMT

It is possible to live without a credit card. . .

Re: 💳 Credit Card Fees...💳

willomenia — Mon, 11 Mar 2024 06:22:04 GMT

@Lakelife62 wrote:
This is a prime example of the government working for the little people. Excessive late fees impact 45 million people every year. If you are one day late making your payment, credit card companies charge $35-$45. They are making billions and it's a huge rip off of the public.
I love how the peeps whine about the government being involved until it comes to their social security, medicare and the price of eggs and cat food. Then it's a catastrophe and someone needs to "step in". Anyone complaining about the government cap on insulin costs? That big pharma will raise their prices somewhere else?
I guess when you get yours from the government it's a-ok. Anybody else can go fly a kite.

Comparing food fees, which everyone needs food, to credit card fees, which nobody needs just has, is totally ridiculous,. This is just a ploy for the present government to get poor people votes. Smarten up America!

Re: 💳 Credit Card Fees...💳

gardenman — Mon, 11 Mar 2024 11:45:05 GMT

The numbers in a January 11, 2024 CNN article show that 3.19% of credit card balances were 30 days late. 2.21% were 60 days late, and 1.52% were 90 days or more late. Credit card companies will cease to exist if their customers don't pay them back. If a customer buys something on their credit card that costs $1,000, that $1,000 goes to the seller right away. The credit card company assumes you'll repay the loan with interest. If enough people don't repay, the credit card company will run out of money and be gone.

Those who do pay on time have to make up for those who don't making their costs higher. A smaller cap on late fees will just push more costs to those who pay on time and exhibit good financial behavior while letting those who don't exhibit good behavior face lower costs. I'm not sure how people think that's fair, but whatever. Do right and we'll punish you, do wrong and we'll reward you, may not be the ideal message to be sending.

Re: 💳 Credit Card Fees...💳

Lakelife62 — Mon, 11 Mar 2024 12:07:10 GMT

@willomenia wrote:
@Lakelife62 wrote:
This is a prime example of the government working for the little people. Excessive late fees impact 45 million people every year. If you are one day late making your payment, credit card companies charge $35-$45. They are making billions and it's a huge rip off of the public.
I love how the peeps whine about the government being involved until it comes to their social security, medicare and the price of eggs and cat food. Then it's a catastrophe and someone needs to "step in". Anyone complaining about the government cap on insulin costs? That big pharma will raise their prices somewhere else?
I guess when you get yours from the government it's a-ok. Anybody else can go fly a kite.
Comparing food fees, which everyone needs food, to credit card fees, which nobody needs just has, is totally ridiculous,. This is just a ploy for the present government to get poor people votes. Smarten up America!

So you're okay with poor people getting ripped off? Good to know.