Republicans Are Determined to Keep Credit Card Late Fees High For all their complaining about Americans’ financial struggles, Republicans seem keen to brand themselves as the pro-junk fee party
https://www.rollingstone.com/politics/politics-news/republicans-block-credit-card-late-fees-1235006519/
22 Comments
It is very clear. Crystal clear. Republicans hate Americans who aren’t wealthy and they despise this Country.
They want people to suffer so they can campaign on suffering
Republicans work for the money not the people.
Can someone please help me understand this one? Are credit cards not an interest free loan for 30 as long as you pay back in full? And if you don’t then there’s a minimum amount that you need to pay while the rest gets a high interest rate. If you don’t pay that minimum amount that you agree to then the company is supposed to be like ok that’s fine? Genuinely asking here.
what are people voting for when they vote republican?
The very straight Tim Scott
Lobbyists… that’s why we are here. The credit card companies lobby politicians to keep the fees high. There’s no other reason to keep these fees so high.
Republicans have always been the rent-seeking party.
meanwhile, in louisiana:
[https://www.nola.com/news/politics/legislature/la-lawmakers-vote-to-remove-lunch-breaks-for-child-workers/article_ef234692-fd9e-11ee-99f5-771c7366107a.html](https://www.nola.com/news/politics/legislature/la-lawmakers-vote-to-remove-lunch-breaks-for-child-workers/article_ef234692-fd9e-11ee-99f5-771c7366107a.html)
The GOP only care about party power and the rich.
Bc a percentage of those fees go to lobbying, which goes right into their pockets. Fuck the gop
There is a constant narrative that everyone is struggling and republican voters blame biden. I can see why they’d want to make them struggle even more when they don’t blame them.
The GOP hates you. Yes, you laddie. And you keep voting for them.
GOP hates you. Yes, YOU.
These bums all get kick backs, nothing will ever be fair for us lower level ppl
Who is voting for these people?
They want to limit healthcare, force kids to work, get rid of education, make us basically corporate slaves, offshore work.
What good do these people stand for? Their 401k only?
All those companies need to make enough money to bribe the republican congress
More CLEAR EVIDENCE that republican legislators just don’t give a shit about the average American citizen.
It’s not that they don’t care about average Americans suffering — it’s just that they care more about wealthy donors being rich and happy.
That isn’t even surprising. I have a relative that I’m sure about Republican and just put a thing on her Facebook about bullshit bank charges. Hi got the Democrats might not deliver on what they’re saying or maybe they’re outwardly lying but the Republicans not regulating businesses is their entire brand.
While I am certainly not a Republican – I consider myself half Democrat, half Libertarian – I happen to work in banking, credit unions specifically. The intent of the capped CC fee could actually harm the very people it is intended to protect.
If late fees were lowered to $8, there is less incentive to make a payment on time. Which means more delinquency, which means banks tightening up on who they lend to. We wouldn’t offer loans to those with sub-par credit due to risk of delinquency.
It is a very complex situation and not black and white. I can’t imagine a credit union being unable to offer credit to those that part of our mission is to help.
And they say that this only applies to large institutions, and smaller banks and CU’s can continue to charge the higher fee, but past experience has shown, we need to a. Stay in line with what the larger institutions do to remain competitive and b. Our regulators will push this on us regardless.
It really is a no win situation for everyone.
If you’re gonna spend more than you can cover, take a loan don’t put it on a cc