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the Consumer Financial Protection Bureau will now cap credit card fees uh at $8 down from an average of $32 the bureau
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estimates a new rule will save families more than billion the move part of a push by the Biden Administration to
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eliminate junk fees the financial industry has warned the rule will hurt consumers by encouraging late payments
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and the Chamber of Commerce says it will file lawsuit against the Bureau for misguided regulation this is a good
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thing with consumers I don't need the financial companies to say that it will um encourage lay payments none of their
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business I'm up two minds credit cards are mendacious and the problem is these hidden fees the government does act
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paternalistic at the same time if it's a competitive market and there's a lot of
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different players they should have the right to price their products including late fees on this stuff though it does
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tend to prey most on lower income households or people with revolving debt and I do think there should probably be
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caps so in in some I'm in favor of this