Follow
I wanted to bring your attention to this if you're not already (this is going to be a repost on MMM too):
The Consumer Financial Protection Bureau in the US has just announced a price cap on credit card late fees. They've been $32; now they can be no more than $8.
Card issuers are also forbidden from increasing fees past $8 to keep pace with inflation unless they can "prove" the higher fee is necessary to cover their costs.
Now everyone except White Male Gentiles can just buy a bunch of stuff on credit cards and not repay it and only pay $8
?
@shortstories No, look at it from the perspective of the credit card issuer and think about what price controls do to supply and demand.
This may not seem like a big deal, but it is a VERY big deal for credit card companies.