Michigan Families for Fair Care Urges Rep. John James To Provide Financial Relief

Constituents Called on James to Support Lowering Credit Card Late Fees 

MACOMB, Michigan— Today, Michigan Families for Fair Care, local elected officials, and MI-10 constituents joined for a press conference to urge Rep. John James (MI-10) to support a Consumer Financial Protection Bureau (CFPB) rule limiting credit card late fees from $32 to $8. House Republicans are considering a resolution to prevent the rule from being enacted and Michiganders deserve the right to increased financial relief.

 A recording of the press conference can be found here.  

Steve Lawson, Executive Director of Michigan Families for Fair Care

“We know Michiganders need to reduce their household cost. That’s why we understand what a rule limiting credit card late fees to $8/month, would do to American households nationwide. The Consumer Financial Protection Bureau estimates that Americans would save over $10 billion/year. This would be a clear win for consumers. Unfortunately, Congressional Republicans are considering blocking this rule. We urge Congressman James to oppose this resolution if it comes to the floor.”

See what elected officials and constituents have to say about the impact of high credit card late fees: 

Rep. Denise Mentzer, House District 61

“Standing up for consumers is important to me. I’ve been working to make life more affordable for my constituents since I took office. That’s why we got rid of the Retirement Tax and expanded the Michigan Earned Income Tax Credit, so families could keep more of their hard-earned money. Letting credit card companies charge excessive fees is the opposite of making life more affordable. I hope Rep. James will oppose this legislation that would make life more expensive for his constituents.”

Rochelle Kelley, CPA 

I help people with their personal finances and I’ve seen how credit cards can trap people in a cycle of debt. People get behind on their bills and then end up trapped with late fees. The late fees that credit card companies charge are far more than necessary to cover the costs of late payment. They’ve also been allowed to increase their late fees at the rate of inflation even though their costs for late payment have been dropping. Rep. James should look out for his constituents and oppose higher late fees.”

About Michigan Families for Fair Care   

Michigan Families for Fair Care is a 501c(4) issue advocacy campaign devoted to educating the residents of Michigan’s 10th Congressional District on important economic issues and the impact of Congressman John James’ votes in Congress.

###