www.cnn.com/2024/05/11/business/credit-card-late-fees-regulation-cfpb/index.html
Judge blocks Biden administration rule capping credit card late fees at $8
And it's not unusual at all to get a preliminary injunction to preserve the status quo until a final ruling is made.
Republicans filed the lawsuit in Texas, the one star state, because they know they're going to get favorable rulings all the way to the SCOTUS (who will probably rule in their favor because of how right wing it is).
Wait...the same state that can't even keep it power going and how many are without power during a flood, blizzards or summer heats? The same one that keeps somehow voting red? The same state that banned abortion and attempted to turn it into a bounty hunt?
I believe it's also the same state that has a piss baby for governor.
Read the book Empire of the Summer moon. They really get into the history of Texas. Almost a joke at this point how they talk about their state without knowing about the history of it. Actually scratch that they create their own racist narrative anyway. Half of Texas is brown but you would Never know.
Isn't there one part of Texas where the only person to review it is one Republican judge and that's how they get it through where almost anywhere else there would at least be a vote?
Yes, Kascmyark or however his name is spelled.
CFPB doesn't have authority though to subvert congressional passed regulations, like the CARD Act which places the current cap on late fees.
It’d be way easier to cap the interest rate, versus a specific fee.
Like why the hell is my credit card interest 24%?!
Because they know you will agree to it.
People agree to 400% APR payday loans.
That’s because they don’t know what it means. They just know they need money now.
And those places prey on poor people. Just like those dealerships handing out high interest car loans to people they know can’t afford them just to repo the car later and sell it to someone else.
That’s because they don’t know what it means. They just know they need money now.
I've known exactly what it meant but all the same needed money NOW. Shit fuck sucks when you're poor. Happy to be in a better place now, but its so easy to dig yourself into an even deeper hole.
Yep, being poor is expensive.
The only thing the rich will EVER give to the poors is a shovel with which to dig themselves ever deeper.
Yeah, I've rolled the dice on having $400 in a week on paudjay because I needed the $350 for an emergency before fully recovering financially from the last wmergency.
Yep exactly.
My wife and I did some of these when we were younger because sometimes it was either pay bills or fix a car.
Sometimes you legit have no choice, and they know it.
The free market is only free until a few companies get big enough to completely dominate the market. Then they start bribing sorry, donating to various politicians to get regulations passed that benefit them but hurt their up-and-coming competitors. Then they buy them up for pennies on the dollar. Late stage capitalism in a nut shell.
It's called lobbying and it's classy
Wait, is the mafia just an artisanal lobbying firm?
With slightly less kneecap breaking and more law degrees.
With so many transactions requiring a credit card, you HAVE to agree to it.
Financial hostage taking.
Having a credit card does not mean you need to pay interest.
Pay your full balance off each month before the due date and there will be no interest.
amazon's chase card handily presents "interest saving balance", including any payment plans, so you can defer recent purchases in your payment, no thought involved.
edit: got one on my list now. I can pay amazon 150/month for 12 months for a 1799.99 object, or get an affirm plan, which does have fees. amazon is 0% and no fee for me most of the time.
You're still paying interest with that. They just renamed it as a fee added each month.
no, they still have zero interest deals periodically. the fine print says interest in full if you don't make your payments.
This is what it looks like for "no interest"
https://i.imgur.com/XeWEIkq.jpeg
Monthly fee, which is the same as interest. It's like getting a 1 year "interest free" loan for $2000 that has $16.66 in "monthly fees" .. most would call this interest, but it's just renaming the same thing to cause confusion which I guess works.
I have multiple cards that allow me to straight defer payments on large purchases, straight up. No interest or fees
People who are bad credit risks are unlikely to qualify for these.
For people who are poor credit risks, choice is basically credit at a high rate from a regulated institution, or no access to credit except for family members or loan sharks.
Is the fee a flat monthly amount or is it a percentage of your balance?
Fee versus interest.
You have to look carefully. I did this before (awhile ago) with Amex and it was completely free. I was very confused. Just monthly installments, I checked the math all over and all the monthly payments added up to the total amount of the item.
I do believe that was to get people in the door however as they do charge a fee now. Some cards might still do this for free but the ones I have seen add the interest on the item and roll that total cost into the equal monthly payments.
I haven't paid a penny in credit card interest in over 25 years.
I paid a lot for a month or 2 after buying my first house.
That said many store credit cards are over 30%.
Honestly, why do people act like they’re being held hostage with those interest rates? Don’t spend the money if you don’t have it. I too haven’t ever paid interest, I treat it like a bill at the end of each month, I build credit, cash back, and several other perks. People act like you have to keep a balance going every month for some reason
Yeah - I don't care if the interest rate is 300%. Jack up that rate I never pay and give me more rewards!
I haven't paid a penny in credit card interest in over 25 years.
I paid a lot for a month or 2 after buying my first house.
This sounds like you purchased your house with your credit card. Thats some rich people shit, fucking Amex black level.
Or they had little cash left after the down payment on the house and it took them a couple months to have the cash to pay off typical monthly expenses. Might not be as rich as you think they are. That decision might have also been a good one if hitting a certain down payment on the house benefitted them much more than a couple months of CC interest. Also note they didn't say they haven't paid ANY interest, just CC interest.
You don’t have to agree to paying the interest
I have a credit card I use just for car rentals security deposits and hotel security deposits. I have a single $9.99 bill that goes on it every month and gets auto paid.
Credit union my man
My Mastercard debit card works fine 99% of the time a normal credit card would.
It's much riskier in terms of fraud and identity theft etc. I only use my debit card like an ATM card.
Plus CCs have much better rewards.
That one percent is a really big deal.
If your debit card ever get's compromised it is YOUR money that get's tied up until it gets sorted.
If your credit card get's compromised it is the BANK'S money that is tied up until it gets sorted.
Even a small limit card provides you with a layer of protection from the near constant attack that infrastructure is under.
What do you mean “requiring” a credit card. I’ve never heard of that
1 hotel I was at in Toronto last month specifically required a major credit card for payment and turned down debit cards, cash, and even some credit cards like the one from Self Inc. Apparently Expedia accepted one card perfectly fine but upon arrival I was told something different and was lucky I had multiple cards.
The hostage part is real.
You can't build a credit score without one.
Without a credit score you can't get other loans even if you have cash on hand and income that's verifiable. If you can get a loan, you get fucked in interest rates.
What’s stopping you from just paying it off each month? If you don’t have the money to buy something, don’t buy it on credit. It really is that simple.
My hobbies include paying my rent, eating three meals a day, and paying off medical debt. They are hobbies that eat up all of my money and then some.
It's sadly quite common for an unexpected expense / medical emergency / sudden necessary travel for a funeral/interview/etc that most people won't have the liquid assets to account for
If you don't have the credit, then not only will you not have the liquid assets, you will also have no reasonable alternative.
And if you didn't have the CC, you couldn't afford it at all.
Just say that people lack self control.
People in general are terrible about setting aside rainy day funds.
Well yeah, because they're living paycheck to paycheck. Hard to put aside money you don't have.
I know everyone's situation is different and many people genuinely struggle to make ends meet every week. That's a tough spot that I fully acknowledge.
But I see tons of people that live "paycheck to paycheck" through their own poor spending habits more than anything else. People that could absolutely make minor sacrifices every week to set money aside for something unplanned and just don't do it. That's the population I'm mostly speaking to.
This was me for most of my early 20s. Never learned ANY financial literacy growing up (didn't know what the word equity even meant until I was like 25). Inevitably ended up with mountains of credit card debt, horrible spending habits, and just blamed my situation on "the economy" whatever that meant.
It really only took about a solid year or two of work after educating myself to get to a point where I haven't increased my income, but I have a LOT more money. Contributing more to my retirement fund, several savings with comforting amounts, and expendable income to do what I want. It makes you feel like a new person.
The number of people I know who call themselves “broke” and are behind on their bills but also frequently choose to pay significantly more for meals by door dashing constantly is insane.
Fully understand that statement has “stop eating avocado toast” vibes, but that doesn’t make it less true.
People shit on credit scores without remembering the alternative. It's a good attempt at taking bias out of the bank. Ie if a nice white man wearing a suit comes in asking for 1000$ loan, the bank would more likely lend it to him versus a poor black man. Now they can't deny you. They only look at the credit score and your income. Would you gen-z who sweat making a phone call rather have to GO TO A BANK IN PERSON AND SWEET TALK A BANKER every time for a loan??
Debit cards are equal in the card only world we are in.
You don’t even have to agree. My BoA account suddenly decided all on their own to start drawing a $25 monthly maintenance fee from my checking account, which can only be cancelled by maintaining a balance of $5000+. I only found out when I got the alert that my account balance was suddenly low.
Credit card interest rates are regulated by state governments. Credit card companies all moved to the state that allowed the highest interest rates.
... which is exactly why Republicans want health insurance companies to be able to cover the entire country, instead of just the state they're officed in. Some state (Arkansas? Texas?) will end up having the loosest laws, and all of the insurance companies will move there.
It's not about making it cheaper for the consumers, it's about giving insurance companies a sweetheart deal.
....And buffing up red state tax revenue, depriving blue states so they need to put more tax burden on people with who will vote (D)!
The top 2 states with the most corporate headquarters are...Connecticut(1) and Delaware (2)
Actually, there is no solid red state in the top 10. Only 2 swing states: Virginia and Ohio.
Now do credit card companies.
https://www.getfinal.com/company-news/2017/04/18/issuing-states/
Technically, it’s because it’s unsecured. Your credit score is the only thing holding you back from going Leroy Jenkins on the bank, and plenty do. Thus, the 24%.
I don't think so. Credit card companies make a ton of money off merchant fees and cardholder fees
That is why Americans got 'tap to pay' slower than Canadians on their credit cards. They were worried about household debt skyrocketing out of control.
Not even close, they're greedy and predatory like many of our barely regulated businesses but they're at maximum levels. Cause who are they making their insane profits off of? People with less money. They have profit margins around 50%!
Over 800 credit, never run a balance, and yup same
Around that here but so long as you never run a balance that % won't hit you. I don't mind having a higher % in exchange for more perks like cashback etc.
To be honest I've never read the interest% because it's meaningless to me. Live within one's means and that will not matter.
The financial system loves to take advantage of the financially illiterate and people who are down on their luck - and this goes for everywhere in the world.
It's funny how at the high end of the score, that number fluctuates so frequently.
The answer without the faux Reddit outrage is because it’s unsecured debt with a high rate of non payment so the high interest rate is to compensate for the large amount of people in the pool that will inevitably default on the debt
This. Credit cards are often one of the first things people stop paying when they have financial issues. Defaults drag down returns quite a bit.
Because it's an unsecured loan.
If you pay it off every month, it doesn't matter. I have never paid cred card interest, so I only care about the rewards offered. Jack up the interest to 200% - I don't care.
Interest rate is a reflection of the lender's risk. Cutting off the top interest rates means riskier people don't get credit. Is that a good thing? Maybe it'll keep them from digging a deeper hole. But also maybe somebody doesn't eat tonight. No easy answers.
The average is also heavily skewed by the mass that is the US military. Amex will waive the fee, so I’ve had the card since I was making less than the poverty line.
For what it’s worth, those stats are definitely skewed heavily by the upper tier. the platinum card is not really difficult to get. I don’t even make 6 figures and I have a platinum. Credit score in the high 700s so that helps but yeah it was pretty much instant approval.
At one point credit score was so bad that my Platinum card had a $500 limit.
It’s a $700 annual fee card, and you pay that making less than 6 figures? How do the benefits outweigh the cost for the card?
$200 airline credit
$200 hotel credit (specific more expensive ones)
$200 uber credit
$240 digital entertainment credit (hulu bundle, peacock, ect)
$100 Saks 5th Ave credit
Walmart + subscription
Hilton honors and Mariott status boost (more free nights faster)
Rental car status boost (free car upgrade)
Access to Airport lounges
TSA precheck or Global entry every 5 years
5x points on hotel and Flights 1x on everything else.
Among others..
If you're not traveling much or you can't take advantage of most of the offers it's definitely not worth the cost. But it's also not that hard to offset the annual fee.
I roll the points into ANA round trip tickets, which usually brings the cost of a ticket down to about $600 from $1800 for about 50,000 points. That alone lets the card pay for itself once per year, not to mention the Audible, Uber, and other stuff.
Thanks for reminding me I have to go and buy some random stuff on Saks.
I literally just did this. Sent the points over to ANA for two first class tickets from JFK to Tokyo. Cash value of those tickets were like $20,000 and it cost me a few hundred dollars in fuel surcharges.
That’s awesome! I have 250k points but only use them for economy class - maybe one day I’ll treat myself. ANA economy is really good anyways. Going for a vacation, I presume?
Don't forget that people get one when their company allows them to use a personal card for corporate travel. I've seen people get tens of thousands "back" from their AmEx Platinum cards because of their employer letting them use it.
/u/TheDrMonocle nailed it. I travel a decent amount for work and otherwise so I always make use of the Uber credit, airline credit, and hotel credit. Add in the money I save by eating/drinking at the Delta Sky Club and I’ve made back the annual fee or close to it. And I use my points earned to book lodging for ski trips a couple times a year.
It’s super worth it for me, although I’m considering exploring other options next year when the benefits change.
For most purposes anything over 740 is considered excellent credit, so once you hit that number going higher won’t necessarily mean you get better rates.
I’m gonna go out on a limb here and say that folks making this much money probably pay their full statement balance and get that card for the rewards rather than the APR.
A) They're rich, they can afford it.
B) They're rich, they tend to pay their bills. Very few are getting charged interest. So most are accumulating very large credit card cash backs with almost no one paying in. Got to make it up somehow. (Course, I don't know if that card has an annual fee, but that even if it did, that tends to go to all the 'extra perks' it has not towards the normal cash back)
And ultimately the cost is transferred into higher prices because the merchants don't want to lose money, the cashback and CC company profit are coming from everyone else who buys things.
Credit card debt is unsecured. Regardless of the user's assets, it will be inherently risky. Contrast it with collaterized debt like with car loans or mortgages, the interest rate on those are much lower.
I mean if you are carrying a balance on your credit card, you are automatically somewhat of a risk, considering the way you should be using them is paying them off in full every month. (Technically if you have a intro 0% apr it’s better to pay the minimum and invest the money you would’ve paid it off with until the 0% apr ends, but we don’t have to get into that.)
So it makes sense that the best aprs are still a bit higher than a bank loan interest rate.
I'm assuming credit cards are a pretty shitty business venture and need the high interest to survive.
Obviously.rates change, but you could be putting your millions into savings and bonds, getting 2-5% a year let's say.
Or a level riskier, mortgages, where you're now seeing 5-8%. Some non payer risk, but not too many years before the auction of the house by your repo team will be able to recoup the investment.
Or go for stocks for like 9-12% a year, with a risk of genuine downturn.
Or credit cards, where a big portion of your lending returns 0% due to offers and sensible spending, with the portion carrying a balance being unsecured lending against people who specifically need to spend money they don't possess.
The fact Amex has a card which only provides like 7pp more turn than putting it in an index tracker is insane.
You're not going to get market challengers with low interest rates. Look at the alternatives they could use that money for.
Yeah, I mean just go Google your bank or credit union’s rates for an unsecured personal loan. They’ll all say “with rates as low as” but for most the actual rate they’ll qualify for is going to vary drastically. You’ll see rates quoted with ranges like 8.9 % up to 29% APR on a 2-5 year loan. Even then most actual banks are still going to start at like 12%.
Sure it certainly beats a credit card rate for long term loans, but you know, you’d actually have to apply and plan ahead for a large expense, and then also adhere to a real loan schedule. A credit card is still essentially a “do whatever you want as long as you make a min payment”. They’re a lot more flexible and the rate reflects that.
Credit card companies are insanely profitable. They get a sliver of every single transaction made with them; their business does not depend on interest rates.
Credit cards are so profitable that they are opening their own lounges in airports—which are almost pure expenses for the company—in an effort to woo consumers to their brands.
Not platinum, but I do have a gold card and I only make about $54k/year and my pay over time APR is 27% with about a 760 credit score. The only actual hard to get Amex these days is the centurion, which generally requires you to be spending (yes spending, not earning) over a million per year to even be considered. Any middle class person with a decent credit score could probably get approved for platinum, it might not be worth it for them but it really isn’t an exclusive club anymore.
The Platinum card is accessible with scores in the mid-600s. AMEX charge cards aren't the exclusive party they used to be. A lot of people get approved for charge cards after being denied an AMEX revolving credit card in fact.
Someone with that kind of income could have a 200% rate, and they wouldn't care one iota.
Mainly because you should be paying off the card in full every month and paying 0% interest. If you have good income, that becomes exceptionally easy.
Yes, exactly. Credit cards shouldn't be treated like loans because they're cashflow management tools. Hell of an improvement over needing to carry a stack of bills or balance a checkbook.
The rates are high because the bonuses are high. You can get low rate cards but they don't have any perks. It's also a voluntary transaction If they think it's too high they can just... Not get it. Doesn't need price controls.
Yes and no. I work in FP&A at a credit card company every late fee at $32 are collected $60 of bad debt is written off. Late fees don’t cover the amount of delinquency that writes off in a year which includes BK. So yes, while rewards and bonuses take a chunk, all of late fees and a portion of Finance Charge offsets write-off.
That and the fact that credit card debt is unsecured and rotating. Unlike a home loan (where the home itself is collateral that can be sold if you don’t pay the debt), credit cards have nothing promised if you don’t pay. Normally if someone builds up debt and doesn’t pay, the recourse is reporting it to cripple a credit score and selling the debt off with pennies on the dollar. So companies will make you pay more to offset that risk.
Riskier people maybe don’t deserve high limit credit cards. But the guy who pays his full bill every month (or most of it, I guess?) shouldn’t have that high of a rate
I've had a card for decades and don't have any clue what the interest rate is, nor do I care. It's been paid in full every single month.
The rates only matter for the risky people.
If you pay you full bill every month your interest rate doesn’t matter. I haven’t once looked at the interest rates on the various cards I have because there’s simply no need.
I know people like to bring up stuff like “but what if I lose my job” but even if you have $0 in savings, as long as you have a decent credit score (which you should if you pay your bill every month) it’s super easy to open a new credit card that gives you 0% interest for 1-2 years.
There are many other solutions to poverty but letting them borrow at 25% means they'll be paying the interest rate forever and not the principle which isn't helpful to them either. It's a crap bandaid solution. Personally I don't think pay day loans should be legal. It's effectively negotiating in a state of duress.
This is the job of an actuary. They can tell what the interest rate should be on a person with a credit risk like yours. Your interest rate doesn't just cover your personal risk but anyone who is in the exact same situation. That means the person who is living responsibility and trying to make their lives better, as well as the person who is draining their credit card on expensive nights out drinking. As you become less of a risk they can offer your better perks (OH MA POINTS!) or a lower interest rate (and other companies will too).
The problem with regulating risk volatility is that credit card companies just don't give credit cards to poor people. Which ends up doing more harm than good. Even further down the line are the payday loans.... which are short term loans to people who are considered too risky for conventional banks to give loans to. They take loans a few days before their paycheck is due But the interest rate on these loans can get excessive. But then attempts to ban or regulate them have been linked to increased rates of crime and black market loans.
Interest is risk. Like the possibly lowest risk thing on earth, US treasuries, are over 5% interest. You can get 5% just by stick money in a high interest savings account, and banks have to loan that money for a profit at 10%.
Credit cards are unsecured debt, super risky, lots of defaults, so they need go to 20%, even 30% to cover that risk.
Also….if people made up their own loan numbers and terms, usually among colleagues or friends, it’s much higher. You borrow $500 from your friend and pay in back in 6 months, and don’t want to owe a favor - how much is “fair”? $600 is fair right? But that’s actually 40% APY.
Why are you entertaining the idea of spending money that isn’t yours at 24%?
Fr. Don't spend money you don't have, and pay back your credit cards ASAP. They're glorified debit cards, or they ought to be.
Is that really an issue though? You agreed willfully to it. You don't even have to pay the interest. I haven't paid an interest payment on a credit card in over 6 years. I pay my balance off every month and treat it like a debit card.
Why did you sign up for it at 24%
The people this is trying to pander to, don't understand interest rates. Fees however, omg fees are the worst.
Credit cards are amazing. Cashback, having a massive corporation give you your money back and take care of things if you get ripped off, shielding your debit info, extra year of warranty on purchases on mine, discounts, etc all at no to minimal charge if you're responsible and pay your balance each month. All that wouldnt be possible without the exorbitant fees they charge. That's just how America works.
Then don’t get charged interest.
I have 11% with my Credit Union. They are amazing
because you have no collateral
That's 0% if you pay on time
Doesn’t matter what it is if you pay off your card each month in full
Have you shopped around for lower interest rate cards? They're out there. Usually the trade-off is the lower interest rates don't come with any reward systems. So you can get a 12% but no points to use on other things.
The smaller regional banks and credit unions usually are the ones offering them.
I have a chase Amazon rewards card as my primary card. I get 5% back on all Amazon purchases and 3% back in most other stuff. It's got an apr of 24% but I always pay it off and never carry a balance on it. I also have an 11.99% apr card with my credit union. I don't use it for anything because I don't get any rewards points for it, but if I needed it in a pinch it's there.
Because fuck you thats why
Various reasons, but it'll never be in the 10% range because there would be no point to lend you that cash vs investing into other areas.
24% isn't great but it's not bad either, most decent cards nowadays are like 19% while many offer 0% for the first year and a half.
That said that's with an existing credit, think my first credit card was like 37% but you can quickly upgrade out of that.
My first real card that I used for more than just gas was like 21% and the 3-5% cash back was pretty decent.
Interest rates are irrelevant if you use your credit card smartly. I don’t even consider the interest rate when applying for a card.
Pay off the statement balance every month and enjoy the benefits the card provides.
Cus it’s not a loan
That's what you agreed to.
Only irresponsible people pay cc interest. They have these cap laws in Europe and reward CCs aren’t a thing there as a result.
Note that this article is a week old and after the judge issued the injunction SCOTUS overturned a related Fifth Circuit ruling that had said the CFPB was not legally funded by Congress. That funding question was a direct factor in this judge’s injunction so it will definitely be reconsidered in light of SCOTUS’ ruling yesterday. (The judge could well still rule against the CFPB on other grounds, but they definitely need to revisit it now because of SCOTUS.)
They don't need to revisit it unless ordered to do so by a higher court.
I guarantee the CFPB is going to ask the court this week to revisit the injunction because of SCOTUS’ ruling.
Trump appointee in Texas blocks 8$ limit on late fees and screws the little guy. Of course.
How a judge in Texas can overrule the President is absolutely fucked imo.
Would you feel the same way if it was Trump getting one of his crazy executive orders blocked by a judge?
One of the core constitutional functions of the judiciary is to keep the legislative and executive branches in their respective lanes. The challenge being reviewed is which branch has the right to make this rule, which is a legitimate question.
Also, "one of his crazy executive orders" is such a weird comparison. Biden's policy helps protect the average American and there's nothing crazy about it. Comparing apples to Cheetos is a wild thing to do to try and make your point.
It’s not the virtue of the order that gives it legality. Law gives it legality. It might be in everyone’s best interest for me to say that student loans must from now on be interest free, but that doesn’t give me any authority to make that a reality.
You don't get to call an apple a Cheeto because you think the apple is rotten.
Laws are laws, "good laws" don't get to skip the process.
Jeff Sessions himself was once “amazed” that a judge in Hawaii was able to prevent the Muslim travel ban from taking effect. Judges issuing rulings that affect the entire country is standard practice, whether or not it should be is a different conversation.
Presidents aren't dictators and have to work within the authority the law has delegated to them. The alternative has far worse implications.
Wait... Do you want a system where the president can override the Judicial system?
Think about that for a second.
To be fair, the governor just did.
While I agree pardoning that murderer was fucked up, the power to pardon convicted criminals is a specific and very long standing power granted to the executive branch. Both at the federal and state levels. It’s also important to note that Abbott was only able to pardon him for a state crime. If he was convicted of a federal crime there would be nothing Abbott could do
That particular judge has overruled the constitution more than once.
Anything that helps the average American the GOP is against
Anything that helps businesses and the rich GOP are for.
Remember this when you vote blue.
Every republican hates student loan forgiveness.
No republican gives a shit they paid for millionaires' sports cars via completely forgiven and fraudulent PPP loans.
fraudulent PPP loans.
The reality of PPP loans is much worse because the program was so permissive most of the people who used it to buy sports cars didn't commit any fraud. It was a completely legal handout of taxpayer dollars to the wealthy.
don’t forget those PPP loans had an interest rate of 1% per year
As a recipient of one of those loans, I can attest to how ridiculous it was. My banker spoke as if he was cutting me in on some insider gravy. Only FT employees were me and my partner and we got a nice little handout.
sadly Republicans are the only group that actually understand just how uneducated and ill-informed Americans are.
just say it's Democrats fault and everybody will gobble it down because gubmint bad!!1!1!
Remember, remember; the 5th of November
Biden simply needs to start ignoring anything coming out of the 5th circuit. Every one of them down there are corrupt assholes.
When the Supreme Court voted 7-2 against the 5th circuit in a recent ruling where the majority are conservatives you know something is messed up with the appeals court
People are mad at Biden over "inflation", but this is what happens whenever he tries to do something that will save the average American any money. Greed always wins.
A Trump appointed judge. How surprising…
A new law needs to be implemented where every ruling must come with an explanation on how the ruling improves the average Americans lives.
In this case it improves lives by making sure that more people can qualify for unsecured credit when they want it, instead of having to fund a secured card long enough to solidify their risk profile.
"Must be a judge in Texas." Sure enough, I opened the article and am correct. Anything that benefits the general population gets shut down by some asshole judges in Texas.
Luckily, there's more to it than just this, but it begins the long and tiresome wait on the court system to decide for us.
Another Trump appointed judge steamrolling the working class.
And then The Republicans will tell their base that Biden hasn’t done anything to help them (and they will believe it because Republicans are just programmed that way).
EDIT: The judge in this particular case was appointed by Trump, for those who are programmed and instructed to not believe these kinds of facts.
Republicans will happily sell out every last person on the planet to make a buck off them.
Never forget that.
Maria Monaghan, the counsel for the US Chamber of Commerce Litigation Center, said in a statement Friday that the ruling was “a major win for responsible consumers who pay their credit card bills on time and businesses that want to provide affordable credit,”
What? How? What do people who pay their CC bills on time lose from other people having smaller late fees?
How do you think rewards and other card benefits are paid for?
The billions of dollars in interest they charge monthly aka WAY more than what they make on late fees
Just a reminder, in case anyone forgets:
Trump: CEO of a multi billion dollar corporation
Romney: CEO of a multi billion dollar corporation
George Bush Jr: CEO of. A multi billion dollar corporation
George Bush Sr: President of a multi billion dollar corporation.
And you wonder why the government favors corporations so much.
This is not to defend Republicans by any stretch, but looking at the finances of someone like Nancy Pelosi (or even much of Biden's policy and history) shows that wealth governance is not unique to the right side of the aisle (they just tend to mix in more bigotry and brutality)
But, but, it's Biden's fault isn't it?
I mean....it kind of is.
While other states were setting caps on usury rates, Delaware told banks they could charge whatever they wanted in annual interest and late fees;
This is all true and it sucks, but the system is set up so you have to be wealthy to be president. Campaigns don’t pay for themselves.
I love how judges are supposed to be the final word in dignity and honor and upholding the law yet they are just human toilets half the time
Didn’t have to open to article to know it was Texas.
I have issues with Biden but it is so frustrating how there is a real need for relief amongst Americans and every chance he takes to push meaningful relief judges block it.
every chance he takes to push meaningful relief judges block it
Republicans block it.
There should not be any fees. Cc companies make a lot already.
I didn't even have to read the article to know that this was the 5th Circuit, yet again.
Dang Biden trying to help people again, what’s his problem?
remember to get ahead in america you have to be committed to making live worse for other people
Find that fucking judge and...
fine him $9.
Republican judges work with Republican Congressmen & Senators to deny Biden (or and Democrat) from accomplishing anything the voters might give him credit for.
It's completely astounding how many in this thread are siding with the corporate robber-barrons whose sole purpose is to put you under the first chance that they get. Absolutely bonkers.
It's completely astounding how many in this thread are siding with the corporate robber-barrons
Because responsible people who don't carry a balance like reward cards... And all the shit people are suggesting in here like no fees and capped interest rates that barely even account for inflation, let alone risk, means that, just like the EU, reward cards simply wouldn't exist anymore.
How is it astounding that people who have a good thing going and gain hundreds, even thousands of dollars in rewards from credit cards every year don't want to lose that for no other reason than the government forcing banks to protect financially illiterate people from their own incompetence?
Lest a Republican Judge allow a benefit for the little people to just go into effect. This is exactly what 4 more years of the orange pumpkin guts will be like.
If he gets away with all of his criminal acts and gets elected, 4 years are going to be much worse than his first 4.
And it's not going to be just 4 years either...
Which red state shithole was it this time?
Edit: Oh, Texas. Shocker there.
Remember the most important constitutional right: to be in debt to an oligarchy that shoves their marketplace and systems in your face everywhere you go.
Trump judge. They like making $$ off non-elites.
another judge who needs to be plucked from the bench
Republican judge. Appointed by trump.
Preliminary injunction. So it will still come down to a final ruling. Chamber of commerce was always going to bat for the banks. CFPB has a lot of legal leeway in making consumer finance regulation thus I think the fees rule ultimately may make through the court challenge long term. I'd think of this as a stall tactic more than an actual win for commerce team.