BIDEN TO SOCILIZE THE CREDIT INDUSTRY

PRESIDENT BIDEN RIPPING OFF AMERICANS

By: Derek Varsalona

President Biden is ripping off Americans and trying to control the free market.  President Biden is now trying to tackle late fees further harming the free market.  

President Biden is trying to tackle late fees in the economy.  He is trying for government to control the credit card industry further harming the free market with socialism.  It is the people's responsibility to pay their fees on time or be charged interest with a late fee.  Look in college you need to hand in your term paper on time or you are going to get docked a grade if not you might even fail the class.  The same theory can be applied to paying your bills on time.  If you are late with your credit card payment the company has the right to charge you interest.  This is not free, it is your responsibility to pay your fees on time.  The consequence of not paying your bill on time is a late fee or possible suspension of your credit line. 

A corporation has the right to make money in a free market.  Listen, these people also have families and bills that they need to pay.  The fact of the matter is that if you pay the fee late then the people in the corporate office are paid late.  If they are paid late it is a vicious cycle: they are late on their rent, late on their mortgage, late on the food they need to buy, etc.  Listen the world is not kind.  Also, there is something called responsibility that President Biden still needs to get. The corporation has the right to profit or at least try to profit in free market economics.  What President Biden is pushing is he is pushing socializing the credit industry.

President Biden says he is trying to lower prices.  That is just a fact-out lie.  President Biden is raising prices and causing inflation because the government is spending money and sticking its nose into the free market.  It is the government spending under President Biden and government intrusion into the free market that is causing inflation. 

The Consumer Financial Protection Bureau is cutting the cost of late fees from $32 to $8.  The late fee is three so the credit company can make a profit.  I suggest that if the credit card companies have bad creditors applying for their product they deny the consumer's application.    As always comments accepted.

Biden socializes the credit industry

Source: President Joseph R. Biden. “ Fact Sheet: President Biden Announces New Actions to Lower Cost for Americans by Fighting Corporate Rip-Offs.” WhiteHouse.gov Washington, DC: Tuesday, March 5, 2024.