Billions are on the line for lenders as White House finalizes credit card late fee cap
www.cnbc.com
The Consumer Financial Protection Bureau is facing banks, credit unions and credit card companies in its push to limit late fees.
  • LastYearsPumpkin@feddit.chEnglish
    7·
    11 months ago

    Make it like the new college debt rules. If you are making the minimum payment, then your total balance can’t go up. Interest can’t be higher than the minimum payment (which is also capped)

    • AeroLemming@lemm.eeEnglish
      5·
      11 months ago

      Compound interest is a ridiculous idea. When you get a loan, you should only owe a flat % on top of the loan amount. This % should be negotiated ahead of time based on the repayment schedule.