The temporary injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies. The plan was set to go into effect next week.
Many broad economic indicators are positive, but consumer sentiment is negative. Even with cooling inflation and low unemployment, consumers are still feeling the economic strain. In today's episode, we look at three ways the US consumer is feeling the pinch.
The Consumer Financial Protection Bureau issued a new rule Tuesday capping late fees on credit cards, a move designed to save customers an estimated $10 billion a year. Critics promised a lawsuit.
Capital One Financial Corporation plans to acquire Discover Financial Services in a $35 billion deal that would combine two of the largest U.S. credit card companies. Today on the show, five big questions about the deal, and the opaque system behind every swipe, tap or insertion of your credit card.
The fees merchants pay for accepting credit cards are much higher in the U.S. than in Europe. Ice cream shop owner Victor Garcia, for example, paid more than $25,000 in swipe fees last year.
Many Americans who've lost income in the pandemic are falling deeper into debt — forced to pay bills or even their rent on credit cards. It's a sign of trouble ahead for the economy.
