Biden Wants Slash What He Calls Credit-Card 'Junk Fees'

The video discusses a new rule aimed at reducing credit card late fees, which currently average $31. It highlights that these fees are in addition to interest charges and are considered excessive compared to the actual cost to banks. The Obama-Biden Administration passed a bipartisan law to prevent banks from charging late fees significantly higher than their costs. These fees, termed 'junk fees,' can financially burden American families, especially those struggling to make ends meet.

What is the average amount charged by credit card companies for late fees?

• $100

• $50

• $31

• $15

What was the purpose of the bipartisan law passed by the Obama-Biden Administration and Congress?

• To eliminate all credit card fees

• To allow banks to charge any amount for late fees

• To increase interest rates on credit cards

• To prevent banks from charging excessive late fees

What term is used to describe fees that are considered excessive and unnecessary?

• Convenience fees

• Junk fees

• Processing fees

• Service fees

How do excessive late fees impact American families?

• They provide financial benefits to families

• They can drain hundreds of dollars annually

• They have no impact on families

• They help families save money

Who is most affected by the burden of junk fees?

• Wealthy individuals

• Middle-class families

• Families already struggling financially

• Banks and financial institutions