Posted: Jun 25, 2022 12:01 AM
The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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