Internet slams Biden admin as 'dumbest ever' after POTUS announces slashing credit card late fees

NEW YORK CITY, NEW YORK: President Joe Biden took to the social media platform X (formerly Twitter) to share the announcement of reducing credit card late fees on March 5, as part of a broader push by the federal administration to eliminate junk fees.

While the President shared that the move provided "breathing room to ordinary citizens, the internet felt that it did not even come close to addressing the problem of inflation.

What is the new credit card late fee?

According to CNN, federal regulators have finalized a rule to cap most credit card late fees at $8, cutting down from the earlier average of $32.

The regulation was first proposed in February, and by the estimates of the Consumer Financial Protection Bureau, will save families more than $10 billion a year. It applies to large credit card issuers with more than 1 million accounts, who reportedly represent more than 95 per cent of total outstanding credit card debt.

CFPB Director Rohit Chopra issued a statement saying, "For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers. Today’s rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers to boost their own bottom lines.”

The financial industry has expectedly slammed the decision, with Greg Baer, CEO of the Bank Policy Institute, a bank trade group, stating, "Today’s announcement is a prime example of how the CFPB has been politicized, and how its regulatory actions promote rhetoric over analysis and data."

Joe Biden cuts credit card late fees to $8

From the official Twitter account of POTUS, Biden shared a clip of him making the announcement, where he said, "With the announcement of this new rule, late fees are now going down to $8 instead of the current average of $32 late payment. This action will collectively save families $10 billion dollars in credit card late fees every year."

"My Administration’s new rule to slash credit card late fees will save the families that typically pay these fees $220 a year," he wrote in the post. "That’s real breathing room."

Internet slams Joe Biden over move to slash credit card late fees

The internet was not satisfied with the new regulation, as the following tweets demonstrate.

"Credit card late fees? Really? Inflation is 5 per cent during Biden’s administration, prices are 18 per cent higher and over 7 million illegals have entered. But sure — slashing late fees should make up for all that," wrote a user.

"Joe Biden is the reason credit card debt is so high/ The arson telling you he will put out the fire," stated another.

"The inflation you created has led to higher prices, higher interest rates, higher interest payments and higher debt balances. But sure. Late fees. Dumbest administration ever," commented a third.

"Maybe focus on helping people afford their groceries," pointed out a fourth.

"Cool. We can almost afford eggs again," mocked a fifth.

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.