The accumulation of debt from unbridled late credit card charges is “dangerous” for the economy and for consumers, House Committee on Ways and Means Chairman Joey Sarte Salceda said. Know more:
THE accumulation of debt from unbridled late credit card charges is “dangerous” for the economy and for consumers, House Committee on Ways and Means Chairman Joey Sarte Salceda said.
“I believe that such action will improve consumer outcomes without adversely affecting monetary policy,” Salceda said. He noted that as the BSP has approved Resolution 55, which adjusts the cap on credit card interest rates back to 3 percent, and Circular 1165 to implement the resolution, “the compounding effect of interest rate adjustments on late fees and other ‘junk’ fees are bound to likewise increase.”
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