{"id":200228,"date":"2023-04-27T01:00:31","date_gmt":"2023-04-27T08:00:31","guid":{"rendered":"https:\/\/www.shockya.com\/news\/?p=200228"},"modified":"2023-04-24T21:37:37","modified_gmt":"2023-04-25T04:37:37","slug":"new-survey-shows-consumers-disagree-with-biden-administrations-proposal-to-cap-credit-card-late-fees","status":"publish","type":"post","link":"https:\/\/www.shockya.com\/news\/2023\/04\/27\/new-survey-shows-consumers-disagree-with-biden-administrations-proposal-to-cap-credit-card-late-fees\/","title":{"rendered":"New Survey Shows Consumers Disagree with Biden Administration&#8217;s Proposal to Cap Credit Card Late Fees"},"content":{"rendered":"<p><a href=\"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Credit-Card.jpeg\"><img decoding=\"async\" src=\"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Credit-Card.jpeg\" alt=\"\" width=\"700\" class=\"alignnone size-full wp-image-200229\" srcset=\"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Credit-Card.jpeg 500w, https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Credit-Card-200x300.jpeg 200w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/a><\/p>\n<p>The Biden administration&#8217;s proposal to cap credit card late fees has caused concern among some consumers and financial institutions. The Consumer Financial Protection Bureau (CFPB) recently announced plans to <a href=\"https:\/\/www.consumerfinancemonitor.com\/2023\/04\/21\/consumer-bankers-association-challenges-cfpb-proposal-to-lower-credit-card-late-fees\/\">limit all credit card late fees<\/a> to either $8 or 25% of the minimum periodic payment. While this proposal is intended to protect consumers from hidden and unfair fees, some believe it could have unintended consequences.<\/p>\n<p>According to a recent survey released on April 5 by the Consumer Bankers Association (CBA), <a href=\"https:\/\/www.consumerbankers.com\/cba-media-center\/media-releases\/new-poll-majority-americans-believe-credit-card-late-fees-are\">consumers do not view credit card late fees as hidden<\/a> or unfair. The survey, which polled over 1,000 Americans, found that only 29% of respondents believe credit card late fees are unfair. Additionally, 70% of respondents said they pay their credit card bills on time and have never incurred a late fee.<\/p>\n<p>The White House&#8217;s endorsement of the proposal cited various &#8220;junk fees&#8221; that it believes are unfair and take money out of the pockets of American families. These fees include ticket service, resort, family seating fees, and others. These fees are often excluded from the initial price of the item and can come as a surprise at checkout.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A new survey found 57% of Americans believe credit card late fees are legitimate and not so-called \u201cjunk,\u201d as some have suggested, compared to fees found in other sectors of the economy, which only between 12% to 18% of Americans found to be legitimate. <a href=\"https:\/\/t.co\/bs6Q8zhakB\">https:\/\/t.co\/bs6Q8zhakB<\/a> <a href=\"https:\/\/t.co\/xNeuO6h9hV\">pic.twitter.com\/xNeuO6h9hV<\/a><\/p>\n<p>&mdash; Consumer Bankers Association (@ConsumerBankers) <a href=\"https:\/\/twitter.com\/ConsumerBankers\/status\/1643697019993612292?ref_src=twsrc%5Etfw\">April 5, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/p>\n<p>While the CFPB&#8217;s proposal to cap credit card late fees may seem like a step in the right direction, some argue that it could have unintended consequences. By punishing on-time creditors with higher interest rates and restricting access to credit, this proposal could ultimately hurt the very people it aims to help.<\/p>\n<p>Furthermore, financial institutions rely on late fees to offset the risk of lending to high-risk borrowers. If credit card late fees are capped, banks and credit card companies may have to adjust their interest rates to make up for lost revenue. This could result in higher interest rates for all consumers, regardless of their creditworthiness.<\/p>\n<p>In conclusion, while the Biden administration&#8217;s proposal to cap credit card late fees may be well-intentioned, it is important to consider the potential consequences. The recent survey by the CBA suggests that consumers do not view credit card late fees as hidden or unfair.<\/p>\n<p>Additionally, capping late fees could have unintended consequences for both consumers and financial institutions. As policymakers consider this proposal, it is important to weigh the potential benefits against the potential costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration&#8217;s proposal to cap credit card late fees has caused concern among some consumers and financial institutions. The Consumer Financial Protection Bureau (CFPB) recently announced plans to limit all credit card late fees to either $8 or 25% of the minimum periodic payment. While this proposal is intended to protect consumers from hidden [&hellip;]<\/p>\n","protected":false},"author":74,"featured_media":200229,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"apple_news_api_created_at":"2023-04-27T08:00:44Z","apple_news_api_id":"18f0fee1-8fa2-48c9-bace-072a47ae98b2","apple_news_api_modified_at":"2023-04-27T08:00:44Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AGPD-4Y-iSMm6zgcqR66Ysg","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/news-api.apple.com\/sections\/a256d957-d5f8-3bec-b93f-7f862cadbf92"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[44712,1],"tags":[25177],"class_list":["post-200228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-news-release","tag-joe-biden"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Survey Shows Consumers Disagree with Biden Administration&#039;s Proposal to Cap Credit Card Late Fees<\/title>\n<meta name=\"description\" content=\"The Biden administration&#039;s proposal to cap credit card late fees has caused concern among some consumers and financial institutions. 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Born in Lagos, Nigeria; educated in the United Kingdom and Switzerland; attended the Royal College of Art. Early internet broadcaster \u2014 participated in real-time public coverage during the 1997 Mars landing era using experimental online transmission from Beverly Hills. Founder of FilmOn, one of the earliest global internet television networks offering live and on-demand broadcasting outside legacy gatekeepers. Publisher of SHOCKYA \u2014 reporting since 2010 on systemic corruption inside the entertainment business and its expansion into law, finance, and regulation. Creator of the SIN Network (ShockYA Integrated Network), a federated media and civic-information infrastructure spanning investigative journalism, live TV, documentary, and court-record reporting. Lived and worked for over 40 years inside global media hubs including Malibu, Beverly Hills, London, Hong Kong and Gstaad. Early encounter with Julian Assange during the first Hologram USA operations proved a formative turning point \u2014 exposing the realities of lawfare, information suppression, and concentrated media power. Principal complainant and driving force behind what court filings describe as the largest consolidated media\u2013legal accountability action on record, now before the Eastern Caribbean Supreme Court. Relocated to Antigua &amp; Barbuda and entered sustained legal, civic, and informational confrontation over media power, safeguarding, and accountability at Commonwealth scale.\",\"sameAs\":[\"https:\/\/www.instagram.com\/alkidavid\"],\"url\":\"https:\/\/www.shockya.com\/news\/author\/grady\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New Survey Shows Consumers Disagree with Biden Administration's Proposal to Cap Credit Card Late Fees","description":"The Biden administration's proposal to cap credit card late fees has caused concern among some consumers and financial institutions. 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Born in Lagos, Nigeria; educated in the United Kingdom and Switzerland; attended the Royal College of Art. Early internet broadcaster \u2014 participated in real-time public coverage during the 1997 Mars landing era using experimental online transmission from Beverly Hills. Founder of FilmOn, one of the earliest global internet television networks offering live and on-demand broadcasting outside legacy gatekeepers. Publisher of SHOCKYA \u2014 reporting since 2010 on systemic corruption inside the entertainment business and its expansion into law, finance, and regulation. Creator of the SIN Network (ShockYA Integrated Network), a federated media and civic-information infrastructure spanning investigative journalism, live TV, documentary, and court-record reporting. Lived and worked for over 40 years inside global media hubs including Malibu, Beverly Hills, London, Hong Kong and Gstaad. Early encounter with Julian Assange during the first Hologram USA operations proved a formative turning point \u2014 exposing the realities of lawfare, information suppression, and concentrated media power. Principal complainant and driving force behind what court filings describe as the largest consolidated media\u2013legal accountability action on record, now before the Eastern Caribbean Supreme Court. Relocated to Antigua &amp; Barbuda and entered sustained legal, civic, and informational confrontation over media power, safeguarding, and accountability at Commonwealth scale.","sameAs":["https:\/\/www.instagram.com\/alkidavid"],"url":"https:\/\/www.shockya.com\/news\/author\/grady\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/Credit-Card.jpeg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pnMiA-Q5u","distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"","distributor_original_site_url":"https:\/\/www.shockya.com\/news","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/posts\/200228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/users\/74"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/comments?post=200228"}],"version-history":[{"count":0,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/posts\/200228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/media\/200229"}],"wp:attachment":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/media?parent=200228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/categories?post=200228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/tags?post=200228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}