return2ozma@lemmy.worldcake to News@lemmy.world · 4 months agoCredit card late fees capped at $8 under Biden crackdown on 'junk fees'www.usatoday.comexternal-linkmessage-square123fedilinkarrow-up1887arrow-down113
arrow-up1874arrow-down1external-linkCredit card late fees capped at $8 under Biden crackdown on 'junk fees'www.usatoday.comreturn2ozma@lemmy.worldcake to News@lemmy.world · 4 months agomessage-square123fedilink
minus-squareiopq@lemmy.worldlinkfedilinkarrow-up3arrow-down9·4 months agoSure, if it’s annual 1000% that’s bullshit and predatory. But let’s not go overboard and cap it at at 5% because interest rates fluctuate and some people won’t get credit unless the rate is a bit higher
minus-squareripcord@lemmy.worldlinkfedilinkarrow-up3·4 months agoThose are weird numbers to pull out of the air based on what you replied to.
minus-squareiopq@lemmy.worldlinkfedilinkarrow-up1arrow-down1·4 months ago5% is the interest rate right now, so it’s not out of the air
Sure, if it’s annual 1000% that’s bullshit and predatory. But let’s not go overboard and cap it at at 5% because interest rates fluctuate and some people won’t get credit unless the rate is a bit higher
Those are weird numbers to pull out of the air based on what you replied to.
5% is the interest rate right now, so it’s not out of the air