CC late fees to move to $8 max?

2 years ago

Wed Feb 01, 2023 3:52 pm

ptatohed

Seasoned Rebel

BrutalBodyShots wrote: ↑Wed Feb 01, 2023 2:06 pm Your thoughts? https://www.msn.com/en-us/news/us/biden ... r-AA16YRHO Personally I don't see this accomplishing anything. For those that pay late fees maybe it helps, but banks are just going to recoop that lost revenue elsewhere. It could mean lesser SUBs, fewer perks, less rewards, whatever. They're not just going to take the loss. I doubt any of us on this forum pay late fees, so I could see the impact on us being adverse if benefits get trimmed to compensate. I also think this move could have a reverse effect for some, where people are actually willing to pay a $8 late fee as opposed to $25-$35 or whatever and see less of an issue actually paying late.

I have to agree with what you said. I have always believed that those who pay CC fees and interest subsidize the perks for the rest of us. To me, as long as a fee is avoidable, charge me what you wish. I'll just avoid it.

With that said, I'm actually very onboard with eliminating many of those other junk fees listed in the article. I hate unavoidable fees such as resort fees, picture sitting fees, 'convenience' fees, etc. If I have to pay it, put the darn fee in the total price upfront!

2 years ago

Thu Feb 02, 2023 2:07 am

Cassie

DeveloperLoves long talks on the beach

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BrutalBodyShots wrote: ↑Wed Feb 01, 2023 2:06 pm I also think this move could have a reverse effect for some, where people are actually willing to pay a $8 late fee as opposed to $25-$35 or whatever and see less of an issue actually paying late.

How long does it generally take for lenders to max out the interest rate after someone is late? Do they usually wait to see if there is payment before the next statement closing?