Trump's upcoming slash-and-burn campaign on federal agencies is likely to result in massive credit card interest hikes, warns Erin Lowry, a Bloomberg Opinion columnist covering personal finance. "One federal agency clearly in danger of being defanged is the Consumer Financial Protection Bureau," she writes.
The Consumer Financial Protection Bureau (CFPB) was established after the 2008 financial meltdown to regulate and enforce consumer financial law. "Major areas where consumers could soon lose out include fighting excessive fees and rates charged by financial-services companies as well as oversight of shady debt collections and improper medical billing practices," writes Lowry.
Trump's MAGA regime is already working its magic, killing a proposed cap to credit card late fees:
The proposal to cap credit card late fees at $8, a significant decrease from the current punishing highs of $30 for a first offense and $41 for a second one, could save US consumers an estimated $10 billion annually. It was set to go into effect this year but was blocked by an injunction from a federal judge in Texas. Notably, the judge was a Trump appointee.
It's a good thing Trump voters don't carry any credit card debt.
Previously: Predatory lenders trick Google into serving ads to desperate broke people
