return2ozma@lemmy.world to News@lemmy.world · 9 months agoCredit card late fees capped at $8 under Biden crackdown on 'junk fees'www.usatoday.comexternal-linkmessage-square120fedilinkarrow-up10arrow-down10
arrow-up10arrow-down1external-linkCredit card late fees capped at $8 under Biden crackdown on 'junk fees'www.usatoday.comreturn2ozma@lemmy.world to News@lemmy.world · 9 months agomessage-square120fedilink
minus-squareiopq@lemmy.worldlinkfedilinkarrow-up0·9 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-up0·9 months agoThose are weird numbers to pull out of the air based on what you replied to.
minus-squareiopq@lemmy.worldlinkfedilinkarrow-up0·9 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