This NEW Credit Card News Is BAD NEWS For Millions of People
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- čas přidán 13. 05. 2024
- This new credit card news is bad news for millions of people.
Credit card late fees were initially supposed to be capped at $8 and the rule was set to soon take effect.
The late fee cap that was supposed to be implemented regarding credit cards has now been put on hold.
A Federal judge ruled in favor of the banks in order to put a pause to the new credit card ruling.
In this video, I give my opinion regarding this credit card ruling and also discuss how this pause impacts credit card holders.
Whether you’re someone who pays their credit card bills on time or someone who carries balances and pay late, this new ruling potentially had impact on you..
Do you pay your credit card bills on time??
#creditcard #creditcards #creditcardnews #creditcardadvice
Article referenced in this video: www.cnbc.com/2024/05/10/the-r...
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Credit cards are great if you don't really need them & simply use them for the convenience & cashback rewards - and then pay them off in full every month like a financially-responsible adult. Love getting 6% cash back at grocery stores on everything. That breaks down into 4 weeks of free groceries per year for me.
Blue cash amex card? That card has a limit of only $25,000 a year right?
Better still is a card on your checking acct. & then it has the weakness of taking advantage of.
Thanks for watching.
Exactly! Why use debit and get nothing back when I can use my credit card and get something back?
@@kimberleysunchuk2909 Thirteenth Amendment of the US Constitution -- Slavery and Involuntary Servitude. Nobody maybe subjected to Involuntary Servitude
NO Statutory Jurisdiction within US Constitution. "Nobody bound by what's impossible". Means if you lost your income, then there is that, also check Truth in Lending Act and USC 15 & 1605, "consumer" only liable for "Finance Charge".. Not the "Balance" BS.
I am so sick of helping out people who cannot live within their means and just rack up more and more debt.
Thanks for watching.
How do you suggest we help the people who need help I'm this area? The problem is that there is not financial literacy in schools and how to manage money the right way. The have the system setup to make us work for someone else and buy all the new things that come out. There is a lot more to this but we need to educate people on how to properly make their money work for them.
@@AnthonyDotypeople have to want to educate themselves, just like school, you can't force people to participate. You can't also really shame people who make poor financial decisions, as that is considered entitled and insensitive.
@@jamesross160I agree with you.
I can tell that the people who are commenting here have never worked a mc job. Unless you are making well over $20 an hour and have no kids and no mortgage there is no way anyone can even afford to feed himself without living off of credit cards
You are absolutely right. The banks are in business to make money and if they have the late fees capped they will just raise the interest rats to make up for it. A credit card is for a short term need and should be paid off in a few weeks or a couple of months. Always have your cards connected to auto pay so you are never late and only have as many cards as you need. This is America and everything is geared to putting your money into the share holders pocket. Keep that in mind and do not ever thing that an American business is on your side.
U are absolutely unaware of the Ppl that can NOT afford to do the wise thing U just stated.. For many reason in and without of the avg person control they can not make it in life.. For only one reason the banks give them loans and credit, to take advantage of them. That should be STOPPED!! Your words "The banks are in business to make money and if they have the late fees capped they will just raise the interest rats to make up for it.".. Shouldnt it be some entity more powerful than The Banks to STOP them from ding this?? According to your own words, if stopped one way, they will just find another.. U do understand if Ppl were able to the things in the wise way U explained, then The Banks will just find a way to Make Ppl like U pay extra for no reason.
Thanks for watching.
Had a 6% interest credit card for over a decade...it started going up and now sits at 11.9%. I'm not complaining, because it doesn't matter, I just pay it off, every month!
They are begging you to forget a month! 😭
Do credit cards like that still exist?
‘Cause I have 10+ credit cards now. I pay every single one of them in full every month. Meaning I never pay any interest nor late fees.
But they all have interest rates of around 15 to 20%, maybe more.
Again, I never pay interest, and often this or that credit card will give me a lower interest rate for like 6 to 12 months or something like that.
But I remember that years ago credit cards with interest rates of 4 to 6% were … kind of the norm?
Just wondering.
@@latinworldexplorer It may be due to you having so many cards! I only have one, same one since 2009 through my C.U..
Thanks for watching.
Mines is at 9.99 interest basically 10 percent but I’ll call them to see if they can lower the interest rate
Pay your credit card in full before the due date and your points will go up....pay at least 4 days before the due date and you will be awarded the day after your closing date 😁
Thanks for watching.
Facts
Everyone needs a CC... Last Nov, had Transmission go out.....4k , paid it off 3-months later...
Lived 60 years without any credit card. It can be done. 0 interest paid. O energy paid.
@@marygem 6-mo no interest... 4k remained in HYSA....
Thanks for watching.
I agree. My husband had emergency surgery that they would only perform if we paid half of the balance. There was an issue with our insurance company. We had the money but I couldn’t access it. So I used our card until I could get the cash.
Thank you. The information is valuable, and the education is even more valuable❤
I appreciate it, Betty. Thanks for watching.
working to get rid of cc debt is my goal this year and I'm getting there and closing ALL of them . To get rid of debt altogether is the ultimate goal. The deep pockets of congress will NEVER allow the consumer to get relief. I remember when cc interest was regulated.
Don't close your cards, just don't use them. If you close the account, your score will get hurt hard.
Facts! 👏🏾
@@aa-hj2fd depends - there are other methods. Car loans, mortgages, HELOC/PLOC, other consumer credit. Now you can add other payments, like rent, utilities, phone et... But I'll keep one anyway - just in case.
Thanks for watching.
@aa is right. Using CCs responsibly will prevent your bank accounts being hacked and drained via your debit card. Plus you’ll get rewards. Just be sure to pay them off right away. It’s hard to rent a car without a CC.
I really appreciate that you don't distractively wave your hands all over the place in this video, just words imparting knowledge. Thank you.
I appreciate it, Robert. Thanks for watching.
We need a stat correlation and causation math between to steady income and debt. One could have an error in life like losing a job for a week or a month and hurt their credit. This is what happened to my mom during Covid while sick. No one helped her to avoid or mitigate the credit destruction. Still affects her today due to the 7 year lockdown in credit opportunities.
Thanks for watching.
If the late fee stuff sees the light of day, it's really going to suck when the other shoe drops.
Thanks for watching, Charles.
Let's say the $8 cap is enacted, people who are always late get used to it and it runs for 3 years. Then it's suddenly revoked by next government or something, what would those people do , start cutting their credit cards?
Good question. Thanks for watching.
Thanks for sharing 🤙
Thanks for watching.
ILL JUST CANCEL THEM.
Thanks for watching.
Great explanations. I too pay my card off every month. They will find another way to get our $$$$.
Thanks for watching, Linda.
I avoid credit card late fees, credit card balances, credit card annual fees, credit card interest, credit card debt... by not having credit cards.
Thanks for watching.
Thank you for the knowledge that you're sharing. This change affects more than the cap of late charges at $8. For two of my CCs, I've always been on time, and I don't carry a balance, so I now have an annual fee! I've had these two cards for 7 years, and the interest rate also increased. I originally started at 0%, and now the card boasts a 29% interest rate. Again, I don't carry a balance, so it doesn't affect me, but this illustrates the damage in the wake of the decision by the CFPB. If you're not responsible with the use of a CC, cut it up, stop impulse buying, establish an emergency fund, and use a debit card. Thanks again.
I appreciate you sharing that. Thanks for watching.
Thank you for the sensible, responsible information!
Your honesty is very appreciated!
I appreciate it. Thanks for watching.
Great info! Thanks for sharing the article Nell!🫵
Thanks for watching, Cesar.
@WaterourSoil Quick Question and off topic, what Microphone are you using, I am looking for a good quality XLR mic to use with my Mixing board. Is yours good quality, no noise or hum? What brand and model is it, I mostly think it looks cool. This is why I ask. I know there are some out there that are really expensive, but have good sound, but I am on a tight budget. Do you have any recommendations for a good mic? I am a Christian Vlogger and I am designing a new setup for my other channel. Thanks in advance for any help.
The mic I recommend is the one I started out with. It's the Rode Pod mic. It's inexpensive and effective. Thanks for watching.
Not to mention they may hike the interest rates for everyone including the good ones because of those living outside of their means.
Indeed. Thanks for watching, Nadirah.
And THIS is why I always treat my credit cards like debit cards (pay on time and in full)
What ticks me off: I pay on time but I have a card with a different due date than all the others. It’s extremely hard to log on to the account to pay because of how they set it up. Once in 3 years I’m 2 days late because of all this and they charge me $40. I only charged $120 to start with. I am seriously considering cutting the card even though it is at a place I need to shop for my business.
Why don’t you try calling the credit card and ask if they can change the due date? Years ago I did that with a credit card because the due date they gave me was awkward from my other cards. They did and all my cards match up nicely.
You need to break up. This relationships is not working. Call them and say…it’s me not you…(you R the smart one!)
Setup an automatic minimum payment. I had the same issue with a card, once I setup the min. auto payment I haven’t had an issue of late fees.
Thanks for watching.
Once you start charging things on Credit Cards, that is the beginning of the end for you financially. Unless you NEED something to survive, do not charge it on a CC, if you don't have the money to pay it off. Almost always, it's someone buying something they want, not need and then pay 28% interest and just dig a deeper and deeper hole.
Thanks for watching.
Great review of the concepts within that article. I haven't read it, but I understand where the CFPB is headed. Not sure I agree with $8 bucks, more like $20 or $25. But, anyway, good that it is smaller now, because some people have a life-setback and then fall really behind in a pretty quick way. So, that'd really help them out, if something like that happened.
Thanks for watching.
Everyone should stop using their credit cards, T would tell then some things. One the interest rate is to high. Really think about that. Please make your payment. Give it a try. Stop using your credit card unless you have to
Thanks for watching, Mark.
Many people went into cc debt thanks to the govt shutting down businesses during Covid. I personally use cc in my favor. Haven’t paid interest on them in over 15 yrs. Cc offers 15/18 mo apr w/o interest, I use it to pay or buy something and pay it off in time allotted for 0% apr. it’s a game on playing their game. I have good credit yet my interest rates are 19% and up. Go figure.
Thanks for watching, Christina.
The folks that are irresponsible, will get their credit line cut, or higher interest rates and decreased credit.
Thanks for watching, Andy.
Your credit card is only for: Bail money, Hotel room, rental car, airline tickets. You have to use a major card for those. Don't ever use a card for anything else. Then pay it off as soon as it post's on your bill. Have the cash in hand!!!
Thanks for watching.
In the end the on time / full balance payers may suffer if the $8 late fees are supported by reduced rewards $$$.
Thanks for watching.
Ditto!
Thanks for watching, Lesley.
Of course the banks are not on our side.
Thanks for watching, Kevin.
805 credit score over here and I don’t care I’m good.
Thanks for watching.
@@WaterYourSoil your welcome from someone who has more then 15 years of credit knowledge your videos are worth watching.
I agree banks are going to get their money no matter what. The combination, in my opinion, will be an increase in the APR they charge on balances, coupled with fewer and less valuable perks on cards. The APR won’t impact people who pay their balances in full each month, but for those that keep a balance, the late fee is going to be the least of their worries.
And let’s not forget that some Congress critters are still poking around trying to see how they can tax the perks on credit cards.
Thanks for watching, Steven.
Credit means credit to me
Thankyou for the gift.
Thanks for watching, Paul.
Sometimes credit cards are a good thing if you don't have the money for an emergency
Thanks for watching.
Fact is ....most people only learn from BAD experience ....touching that hot stove ......so be it ,just as long as you LEARN 😂😂😂
Thanks for watching.
If a credit card holder pays off their balance or pays at least the minimum due on or before their due date limiting late fees don't impact them one way or the other.
Credit card issuers make money from their credit card offerings and portfolios through annual fees, interest charges on balances, balance transfer, late and other miscellaneous charges. The Federal Reserve most recent publications highlight a rapid rise in credit card holders who are late or delinquent.
I totally agree that credit, like any other consumer tool has to be used responsibly. But the level of financial literacy here is appaling I doubt there is a single grammar or high school with courses teaching young people the basics of financial literacy.
Indeed. Thanks for watching.
Well in all fairness we are in a recession…people have been laid off left and right…inflation is high and even those who had savings for months are still struggling to pay their bills due to not being able to find jobs…this isn’t a “people who pay their bills vs people who don’t” thing…this is an American economy issue right now. To feel some type of way about this right now feels very entitled in my opinion. Life is happening for a lot of people right now. Have yall not been seeing the car repos and home foreclosures happening as well? Credit card fees are not that serious compared to the bigger picture
Thanks for watching, Money.
Wonderfully said. I drive for a sanitation company here in South Florida, and I go in a lot of communities. Lots of houses are up for sale, as you stated I agree with all you said
Credit cards are for those who can pay it off at the end of the billing cycle. Interest is killing the average consumer because they make the minimum payment. I would rather invest that money and put it to work so it pays me. My next dividend payment is $348. Because that money will be reinvested, next months will be $350, and that is if I don’t add anything to it.
Thanks for watching, Douglas.
What's with all the hard Rs bro?
Thanks for watching.
if this goes into effect shouldnt all fines from anyone, IE government agencies and states agencies cap at 8 as well. If you get a speeding ticket or parking ticket tax fines. I dont see the difference
Thanks for watching, Michael.
If you pay on time; this is of no consequence. But it does help those that fall on hard time. All it takes another pandemic, economic collapse like in 2008; or government shutdown.
Thanks for watching.
Unfortunately another 2008 is upon us. November 5th the fate of the US hangs in the Balance. The current resident in the WH did actions that sped up the economic crisis, but the Runaway interest rates is due the the BRICs dumping the US Dollar in global transactions.
Ppl don’t need to be protected from themselves. Capping late fees is insane. Utility companies and other business don’t have a cap.
Thanks for watching, James.
This Quote from a very famous Greek philosopher who lived 3,500 years ago is all I can really say about all of this: "Whosoever Lives Content with little? Has the Greatest Wealth"- Plato -
Thanks for watching, Joel.
"Gen Z is borrowing way too much"
Joe Biden: "Hold my beer"
Thanks for watching.
💯👍❤
Thanks for watching, William.
👍
Thanks for watching.
The fool who is late is the credit card companies favorite person because they make money off them and the ones who's pays on time beleieve me they hate you cause they ant making money....
Thanks for watching.
Thank you for the video. I firmly believe that credit cards aren't for everybody and that's okay. But I also have empathy for those that are using credit cards to get by.
What we need are more laws to protect consumers.
Or shall I say working class americans. I believe we should put tougher regulations against organizations that take advantage of people. We elected a man that had multiple bankruptcies to be president go figure
Thanks for watching, Dave.
If you have the money why do you need a card I have never worked out how they do anything you either got money or none cards are just there to help you crash stop this people it is better for your health
Thanks for watching, Tim.
@@WaterYourSoil your welcome would be better to explain credit is a death sentence
@@timxavier8922 You have the floor here in this comment section, Tim. Feel free to explain it for us all.
I do have the money to buy stuff , put it in the credit card them get points... no everybody used credit card to buy stuff they can't afford
Banks will get that 10 billion out of the rest of us now. Gooberment help is no help at all.
Thanks for watching, Chris.
ChASE fee is $80 , every month if you don't pay off the whole balance at once.
If you pay month by month Instead of whole balance in full, it's $80 added onto every month's bill , every month you don't pay off balance in full.
%80 is not a LATE FEE, it's their APR fee!
Thanks for watching.
Credit cards are just a tool.
Indeed.
Credit card companies love it when your late, they charge 32$ for being late and then raise your rate to 29 percent interest. This guarantees you will have to pay them for the rest of your life. Credit cards are the devil's pleasure.
Thanks for watching, Tommy.
I use mine for cash back but they get paid in full every month I'm not working but still have to enough to keep the pay off every month cycle my rent and utilities are also paid before they are due I do need to find a job but it's been really hard to find one but still lucky to have emergency money
I hope things work out for you soon, John. Thanks for watching.
I was never late on my credit card payments but since Biden took office my credit cards went through the roof with much higher interests so I declared chapter 7 bankruptcy and now I owe nothing... 😂
Thanks for watching.
You don’t need a credit score so who cares hahaha
Guess you're never planning on owning anything, fyi your credit score could effect employment opportunities in some states
Thanks for watching, Jason.
@@gamergamesmanship6448 Indeed. People never know when they'll need their credit score.
Water your soul, are you sponsored by Capital One?
It's Water Your Soil. The name is on the channel. No, I'm not sponsored by anyone currently.