Find Your Savings: Mapping President Biden’s Credit Card Late Fee Caps
Credit card late fees capped at $8 under Biden crackdown on ‘junk fees’
“Most credit card late fees will be capped at $8 under the Biden administration’s latest move targeting so-called “junk fees.” The Consumer Financial Protection Bureau finalized a rule − opposed by the banking industry − Tuesday that will close a loophole to slash late fees charged by credit card companies from an average of $32 to $8, which the agency projects will save $220 annually for 45 million Americans.” – USA Today
What is the poverty level in your county? How many seniors and kids live in poverty? How many credit card holders are there? How much do they pay in late fees? How much will President Biden’s cap on late fees will save them? Check this map.
Credit card companies exploit Americans
“The new rule aims to close a 2010 loophole the CFPB says has been “exploited” by credit card companies, allowing them to jack up fees on borrowers who made late payments. More than 45 million people are charged late fees on credit cards each year, according to the CFPB. Those individuals will now save an average of $220 per year, regulators say.”
“For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers. Todays’ rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers to boost their own bottom lines,” said CFPB Director Rohit Chopra – CNN
Why is Tim Scott (R-SC) opposing a cap on credit card fees?
“Senator Tim Scott, the South Carolina Republican considered a contender to be Trump’s running mate and the ranking member of the Senate Banking Committee, said he intended to use the Congressional Review Act’s expedited procedures to seek to nullify the rule.” – Roll Call
Why would a Senator oppose a bill that would help his low income constituents? Follow the money! Check Open Secrets for Scott’s biggest political donors. Goldman Sachs and Capital Group…
What is the level of poverty in South Carolina? How many seniors and kids live below the poverty line? How many credit card holders are there? How much would they save from President Biden’s cap on credit card fees. Check the map built with data from Wallet Hub.
Whose interests does Tim Scott and his fellow MAGA Republicans represent? Their donors or struggling Americans?
TakeAway: Vote for leaders who represent hard working Americans, not billionaire political donors. Vote for President Biden and Democrats.
Deepak
DemLabs
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Resources
Credit Card Statistics by State – Wallet Hub
Credit card late fees capped at $8 as part of Biden crackdown on junk fees – CNN
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Reposted from Democracy Labs with permission.