After months of negotiations, lawmakers announced on Monday that they have come to an agreement to do away with "swipe fees," which are the amounts merchants are charged when a consumer uses a debit card.
According to the Wall Street Journal, members of the House and Senate decided to include the swipe fee amendment in the final financial overhaul bill, which has still yet to be passed. The financial industry has been trying to eliminate or weaken this amendment, as credit card issuers stand to lose profits without these fees.
Merchants have been weighing in on these new developments. "Every dollar we pay the credit-card companies is a dollar we can't pass on to consumers or use to hire employees or build more stores," Scott Mason, vice president of government affairs at the retailer Lowe's, told the news source.
Credit card issuers are known to use fees and hidden charges to take advantage of consumers. Many credit card users find themselves under crushing debt. According to MSNBC, those who are trying to pay off an overdue card should limit their usage of plastic when making purchases.