Posted: Jun 25, 2022 12:01 AM
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Editor’s Note: This column was co-authored by Kevin Kimble. Consumer spending drives the U.S. economy. Historically, American consumers have pushed us into economic expansions and pulled us out of economic doldrums.But what if we told you that one of the basic tools the American consumer uses for everyday purchases is rigged against us all and hurts the economy, with low-income Americans and small businesses taking the biggest hit? Credit and debit cards carry hidden fees that collectively add up to more than $130 billion just last year. As consumers, we don’t see them because they are buried in the prices we pay for goods and services. The businesses we frequent may have to pay them more directly, but rest assured that the fees are quite real and have a profound negative economic impact for consumers from all demographics and income levels.The Hispanic Leadership Fund recently commissioned research to look into these hidden swipe fees paid by every consumer who uses cards for purchases. Because some of the funds from these charges are given to people in the form of reward points, those with low incomes get the worst deal of all. Even individuals who cannot qualify for a credit card bear the costs in higher prices across the board.In all, people making less than $75,000 per year pay a …
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