Consumer watchdog moves to save Americans $10 billion/year on credit card debt – National & International News – TUE 5Mar2024

Consumer watchdog moves to save families $10 billion/year on credit card bills.

Haiti gangs free 4000 from prisons, try to seize airport.

NATIONAL NEWS

Consumer watchdog moves to save families $10 billion/year on credit card bills

The Consumer Financial Protection Bureau has finalized a rule that will reduce the average penalty for a late credit card payment from $32 down to $8. Since these late fees can accumulate and accrue interest, they can significantly compound the burden of consumers with credit card debt. The rule change will save American families an estimated $10 billion per year.

In a statement, CFPB Director Rohit Chopra said this rule change, “ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines”. The CFPB’s new rule will go into effect in May.

The Biden administration has recently been focusing on eliminating “junk fees” that raise costs for Americans for everyday expenses. This includes fees charged to consumers by financial institutions where no actual service is being provided.

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INTERNATIONAL NEWS

Haiti gangs free 4000 from prisons, try to seize airport

The chaos that has prevailed in Haiti for over two years has reached a fever pitch in recent weeks. A few weeks ago, there were renewed riots and unrest spurred in part by gang violence and by citizens demanding the country’s de facto leader Ariel Henry step down. This past weekend, gangs attacked two of Haiti’s largest prisons, freeing over 4000 prisoners. Since Monday evening, the gangs have launched an assault to seize control of Toussaint Louverture International Airport in the capital Port-au-Prince. 

Although Washington has been in contact with foreign diplomats over the situation, US officials reiterated that they have no intention of sending in US troops. However, the US has pledged $200 million worth of financial backing to a peacekeeping effort led by Kenya. Kenya intends to send about 1000 of its own police officers to Haiti in an attempt to restore order. Henry recently traveled to Kenya to sign an agreement that would overcome a legal roadblock from a ruling by Kenya’s High Court in January. Other Caribbean and African nations have offered to join the effort, including Benin which has offered 2000 troops.