It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
Visa and Mastercard have agreed to pay $30 billion to settle a lawsuit where merchants accused them of charging excessive fees. These fees, known as "swipe fees," are paid by merchants every time a customer uses a credit or debit card. The settlement will reduce these fees for merchants, which may lead to lower prices for consumers.
Interest rates for credit cards, savings accounts, and mortgages remain elevated despite the Federal Reserve holding off on rate cuts. Credit card rates could stay high for the rest of 2024, while savings accounts continue to offer competitive interest rates but may moderate slightly over time. Mortgage rates, on the other hand, could decline to around 6% by year-end, potentially easing the tight housing market.
The Federal Reserve is unlikely to lower interest rates this week, despite high inflation. While this means borrowing costs will stay high for mortgages, credit cards, and auto loans, it also means higher interest rates on savings accounts and certificates of deposit. Experts expect interest rate cuts in the coming months, but at a slower pace than the recent increases.
AT&T's recent major outage prompted the company to automatically credit $5 to affected customer accounts. However, consumers are advised to proactively contact their service providers for reimbursements, as there is no legal requirement for phone and internet providers to offer refunds. Experts recommend reaching out via customer service phone lines, online portals, or chatbots. By taking the initiative, customers can ensure they receive compensation for outage-related inconveniences.
The CFPB's new rule caps late fees at $8 per occurrence, saving card users an estimated $220 annually. The rule targets the excessive fees charged by credit card companies, particularly to low-credit-score borrowers. It ends automatic inflation adjustments and requires fees to cover only collection costs. Industry groups opposed the change, but the CFPB maintains its authority under the Card Act. The rule takes effect 60 days after publication in the Federal Register.
Responding to excessive credit card costs, the Consumer Financial Protection Bureau has enacted new regulations to limit late fees. Previously, cardholders faced substantial late fees and compounding penalties, leading to high debt, damaged credit, and difficulty accessing affordable loans. The new rule aims to alleviate financial burdens by reducing late fees, potentially saving consumers billions of dollars and mitigating the adverse effects on their credit scores. This addresses the rising financial stress and challenges faced by many consumers due to increasing costs and interest rates.
