Biden's new rule REDUCES late credit card charges (#207)

Episode Summary: In this episode, A.B. Ridgway discusses the Biden administration's new rule to limit late fees on credit card payments, aiming to alleviate financial burdens on American consumers. Ridgway analyzes the implications of this policy change against the backdrop of rising consumer debt and critiques the reliance on credit cards as emergency funds.

Key Takeaways:

1. Impact of Late Fee Reduction: The new rule limiting late credit card payment fees to $8 presents a significant relief for American consumers burdened by high debt. With an estimated $10 billion in potential savings annually, this policy aims to address the financial strain caused by late payment penalties.
2. Debt Management Strategies: Ridgway emphasizes the importance of developing soun ...