about those credit card late fees (interesting twitter video)

[orleans]

Link to tweet

NEW: In the last 30 years banks have increased credit card late fees over 150%.

Capital One, Discover, Chase, and other banks now extract $12 billion a year from working class people struggling with bills.

But a new rule could cut fees by 75%, saving Americans billions.

[TexasTowelie]

1. Thread with link to YouTube video for those who don't want to go to Twitter:

https://democraticunderground.com/1017804196

[markbark]

2. Good on 'em!

Now do something about the "Oh, you want money from an ATM? That'll be $3.50" fee.
With modern telecommunication capabilities, nothing will convince me that it costs banks anywhere NEAR that amount to process a transaction.

[FBaggins]

3. 150% over 30 years is about a 3% inflation rate

Not shocking

[Buckeyeblue]

4. Not to take the side of the corporation

But Banks and credit unions take a lot of losses in credit cards as well, from unpaid accounts to fraud losses. Late fees are one way of recouping some of that money. Also, it pays for having a default department that calls people to remind people to make their payment.

The Card Act implemented during the first couple of years of Obama's presidency has done a great job of keeping the credit card industry in check.

The credit card industry today is completely different than it was pre-2010.

[The Jungle 1]

5. Banking and insurance

Nothing but blood sucking leaches.
Wells Fartgo needs to be shut down.