US President Biden Takes Action to Reduce Credit Card Late Payment Fees

US President Biden Takes Action to Reduce Credit Card Late Payment FeesNEW YORK (AA) — U.S. President Joe Biden called on Congress to pass a bill that would cut “unnecessary fees” in many industries, including cutting credit card late fees from $31 to $8.In his speech at the fourth meeting of the Competition Council, held at the White House, Biden said that encouraging competition is one of the important parts of the economic agenda. Biden indicated that they have taken a step to reduce credit card late fees.” Credit card companies charge an average of $31 for late payments when you don’t pay your bill on time. We recommend lowering these fees to $8.” Revealing that his team will meet with officials across the country to determine what they can do to avoid “unnecessary” fees in his jurisdiction, Biden urged Congress to pass a bill that would protect consumers from “unnecessary” fees. issues such as not charging those who want or families who want to book a seat on an airplane with their children, changing internet or mobile rates without early termination penalties, reducing fees for online concerts, sporting events, and others entertainment tickets. In the announcement, it was noted that by reducing credit card late fees to $8, consumers are expected to save up to $9 billion annually. In addition, in a report prepared by Biden’s leadership, tech giants Apple and Google are accused of suppressing competition in the market. mobile applications. While the two companies noted that the two companies created unnecessary barriers and costs for app developers, the report calls for the ecosystem to work to improve competition in the mobile app market and maximize consumer value.