Your Credit Cards Are About to Close

➡ Dan warns that a proposed regulation capping credit card late fees to $8 could lead to mass shutdown of credit cards as banks look to cut risks. This is because those fees, which can be as much as $41 currently, are a significant revenue source for banks. If this proposed fee reduction is imposed, banks are likely to drastically reduce credit limits to shield themselves from potential losses.
➡ The speaker discusses various topics including allegations against Dan of illegal data tracking, an increase in cybersecurity threats, legislation that requires public companies to reveal cyber attacks in four days, the shift towards AI in industries for cost-cutting, closure of restaurants in Los Angeles due to high expenses and crime, the story of a fire at the Tustin marine base leading to substantial clean-up costs and health risks, and a potential New York legislation forcing businesses to operate seven days a week.
➡ The speaker urges viewers to subscribe, share the channel, and join the email list, while providing an email address (Hello@iallegedly.com) for further contact and expressing gratitude to the audience.

Hey, it’s Dan. Welcome back. This is I allegedly, and got a good one for you today because your credit card’s about to get shut off. And we got a lot to talk about this morning. So please hit the like button. Please subscribe to the Channel, join our email list. The link is below. And today we have a sponsor, Patriot Gold. It has been raining on and off for the last day and a half, but I love coming out here between storms.

When the sun comes up like this, you see it poking through. It is beautiful. I’m in Newport beach on the pier. But let’s get into it. They’re about to massively shut off credit cards right now. And the reason for this is this is under the guise of, hey, we’re trying to help the consumer. Listen to this. The Consumer Financial Protection Bureau, which has done some good things and some bad things, is about to make a huge mistake.

And what they’ve proposed is making it so that credit card companies have to cap the credit card late fees to $8 per late fee. Now you can say, oh, that’s a good thing. No, it’s a very bad thing. The credit card companies make money on us by various means. And the one thing where they’ve made $12 billion alone last year, in the last year, 2023, is on the late fees, because late fees can go up to $41 right now through legislative loopholes.

Now you can sit there and say, what’s the big difference between $41 and $8? You have to understand, every dollar that these things are cut makes it so that they don’t want to have the person with bad credit to have credit lines. So what’s going to happen with the average person? And let’s face it, in this audience with the hundreds of thousands of subscribers, we have people with various credit scores, various incomes.

Some people work, some people don’t. Some people are living on their credit cards, some people are not. And the problem with this is that the bank is not going to stand for this. Small and mid sized banks make a fortune on these credit card fees, late fees, overdraft fees, over your limit fees, all these things. When you cut those, they don’t want you to be a customer of theirs.

So what’s going to happen is very simple. Let’s just say you have a credit card with a $5,000 limit and it’s the holidays and you spent $4,200. Well, you’re about to experience what’s going to happen. And what they’re going to do is they’re going to take your credit card limit and cut it. What’s your balance right now? Let’s just say it’s $4,200. They’re going to lower your credit to four grand.

What does that mean? Okay, they’re not just going to shut the card off. They’re going to lower the credit limit in such a way that you’re going to have to pay it down to be able to even use it again to buy a tank of gas, you’re going to have to make payments and get it below the credit line so that you can use the card. This is going to happen all over.

One of the congressmen, Andy Bart, I believe he’s from Kentucky. He’s like, hey, this is going to hurt a lot of people. Don’t say that. This is to protect people. It’s going to hurt people. Now, here’s the thing. Banks stepped forward and said, we’re not going to be able to survive if you guys do this. And again, you guys can sit there and say, banks are thieves. All they do is rip us off.

Yes, 100%. But you need the bank. You need the bank to lend you money. And I’m telling you, I’ve thought about this in the last year of businesses I’ve sat down with that have needed money. And in fact, one of them, right now that we’re raising money on, they’ve got two partners. One guy’s got good credit, one guy’s got so so credit. So you go on the finances of the business and steer clear of this one guy so that they could get money.

And right now, the banks are cutting people off like you wouldn’t believe. But two years ago, we saw this where Wells Fargo started cutting credit lines. Buy, just pay it down, pay it to zero. Now, what they do is they don’t shut your card off. They bring it down slowly like that. So eventually, they don’t care if you have $1,000 limit. If they cut you from 5000 to 1000, they’re going to do this.

But you’re going to see millions and millions of people lose their credit card if this goes through the first week of January. And it’s terrible, guys, they tried to get rid of overdraft fees, okay? And this was catastrophic with the banks. You can’t have any overdraft fees, late fees, anything like this. So this is a big problem. Now, I went through my credit cards and I stopped at seven.

And by the way, I use two cards a month. Business and the other stuff, okay? And I’m looking at the fees and I had some fees from old cards when my credit wasn’t that hot. That were $41 fees. You have to look at that because those fees are not going to go away. Think about it, guys. Again, Dan, I only owe $1,000 in the card. Well, watch. I’ve seen people have $10,000 limits where they cut it down to $800 in your card.

That’s what your new credit limit is. What? Yeah, pay it down because they don’t want the risk. And if you do this, think about, you do it with ten people. That’s a lot. You do it with 100, better 10 00, 50,000. That’s where this is headed. They’re going to cut these fees. So this is a great way of blaming the government for the bank shutting you down. Understand that this is all the plan.

The plan is to how do we limit our risk? This is a great way to do it right now. So share your thoughts on this stuff, guys, because you’re going to see this happen. And again, you should have no balance on your credit cards. That would be the perfect world. But for those of you that have to live on your credit cards, please understand this. And also, if you want to do a balance transfer on certain things and you got lower credit lines, do it now.

Do it now before this goes into place. Because let’s say you’ve got a $25,000 credit card, and you know what? I am going to put everything on one card. Have them do that because if they shut that one card down and you’re going to pay it off anyways, do that strategically. Look at your finance. This is the time of the year to do some homework, some personal homework.

Isn’t this beautiful out there? Look at that. Not nice. Sun popping up birds. Not bad if you can get there. So share your thoughts, guys, on this and let me know. I think that they do these things to us and sit there and say, look, we’re trying to help the average person. They’re not. They want to get rid of us and they want to get rid of your credit lines.

And if they could get rid of all risk and just deal with the best people in the world, they would do that in a second. Okay, correct me if I’m wrong. Let’s talk about our sponsor, Patriot Gold group. Let’s face it, the instability of the stock market is so apparent. And you need to do something to protect yourself before it’s too late. The best thing to do is get yourself into metals for your retirement.

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Get your year end finances in order. This is one of those things that I was absolutely blown away when I learned know Rite aid filed bankruptcy because of the opioid shenanigans where they wrote prescriptions and didn’t scrutinize things like that. So Rite aid, through the bankruptcy, it was determined that there was a tremendous amount of facial recognition being used to determine if you’re a shoplifter or not and that people were falsely accused of shoplifting at Rite Aid.

And I’m like, wow, that’s crazy. How about this? That started in 2012. Who knew that? So every time you walked into a rite aid, they took pictures of us and screen grabs of your face, oh, he’s a degenerate, that Dan guy. Look at him, you understand? And then you punch your phone number in and you get your shopping discounts and everything, and they just pinpoint it down to who the risks are.

That is crazy. Now they just got lost. A court case where they’re barred from doing this. And I’m like, wow, they did this between 2012 and 2020 and then got sued for it. Who knew about this? Okay, who knew? Now, the next who knew is there is a flurry of cybersecurity and ransomware hacks and cyber attacks. Latest one was Comcast. And you’re seeing this every single day. There’s something new, okay? You got to protect yourself.

You know that. But here’s what’s crazy about this right now is the feds want to get together and they want to have legislation that if you are the victim of a cyberattack and you are a public company, you have to release this information publicly within four days. If you have a ransomware attack, a cyber war attack, and this is going to fix the problem, what’s it going to do hey, yeah, we really got destroyed on Wednesday.

What is that going to do now? Again, the legislation and people beefing things up and people trying to fix things, that’s one thing. But to sit there and just say that you’re going to report it, big deal. And if you’re a public company, this is going to destroy businesses. You’re going to see companies that are going to get these hacks and they’re going to instantly, the stock is going to drop 20%.

You’re going to see crazy stuff like that. But again, the guise of helping everybody and letting the world know they lie to us every time they do this. You hear about this, where they get these attacks, and then we hear about it 90 days later. My health insurance got attacked more and more, and it’s happening every day. They should spend more money on it. And I am telling you, the best businesses right now are the businesses that don’t have employees.

That’s number one, cutting your cost. You don’t need to rent an office. You don’t need to rent a restaurant space. And also the limited tech and limited, just low tech businesses right now. And you can sit there and say, really? AI is going to fix everything. Certain things with AI are great. There’s a company out there, a furniture company, that got rid of 85% of their employees because all of the AI, all of the customer service, when you call in, hey, my furniture is not delivered.

What’s your name? Jeff. Oh, hi, Jeff. It’s a computer you’re talking to. That’s going to happen more and more and more. They’re saving themselves tens of millions of dollars a year with this. Now, the other thing, great story below on this one, there is a flurry of restaurants going out of business in Los Angeles. It is perfect example. Know, my daughter lived in LA for her acting and for her agent and for all the stuff that she.

And when I went down, it was hell. It was absolutely the worst thing ever. And I did everything I could to get her out of there. And she finally moved to a much nicer area and can walk her dog at night. Okay, just craziness. But what you’re seeing is these restaurants in these posh areas, even nice areas. And the problem with Los Angeles is that you’ve got a nice street.

You could go two streets over and there’s people tent city there, and you could worry about getting robbed if you had to park your car. Hey, we can’t get close to the restaurant. We’re over, uh oh, we’re over here. Be careful. Okay. You know, these restaurants are closing left and right in Los Angeles right now, and they’re blaming the high rents, the high labor costs, and the high food costs.

So you’ve got all these posh places that are folding left and right and restaurant tours that own five and six restaurants. Well, let’s dump la. Let’s get rid of it. This is what’s happening in San Francisco. This is what’s happening in these other cities where they’ve just let crime run rampant. Who out there? Name a person out there that wants to go to a Yankee game this year.

Hey, let’s go to New York City. Let’s travel to New York. Let’s go to Times Square and check that out. Why would you put yourself through that, seriously? Oh, better yet, let’s go to Chicago. Okay? It’s nuts, guys. It’s absolute nuts. But you want to run a business there. You want to have rely on people’s high income and people paying $100 for a meal. It’s not going to happen, guys.

It’s not going to happen. So why don’t we get out now, dump this place now, bankrupt the LLC for that one location. And that’s the other thing is you’re going to start to see how people set businesses up and how you’re going to have a restaurant. Even though it’s going to be a chain, it’s going to be its own individual living organism that’s going to go out of business.

And when these things happen, you’re going to go, wow, the Olive garden bit the dust in Taluca Lake. And the reason for that is the high labor cost, high rent. And I was blown away. There’s a guy that does Vegas TikToks. He was driving around showing what rents were for these restaurants. He looked things up and it was exciting. But to sit there and have a taco stand that’s got $22,000 in rent, how do you make that? How do you make it? You just don’t.

So share your thoughts on this stuff so far. Let me know what you think about this and what’s going down next. Guys, I’m going to end this video with that in the background. It is just stunning. So you can’t. No two ways about it. First things first. Remember I told you guys about the hangar at the Tustin marine base, how it was burning and the city of Tustin.

And the Navy just hired someone to clean up what’s left of it and is going to pay them $6 million. There’s an environmental cleanup company that cleans up toxic waste. Now, the severity of this and anybody that lives remotely close to that. And growing up in that city, we had no idea what those things were made of. Now, the fact that they’re just an asbestos festival over there is awful.

The fact that it rained down asbestos on houses and that the county board of supervisors has even stepped forward and said, hey, listen, these poor people in the city of Tuscan are going to see their housing prices drop substantially. Oh, okay. How bad is guys? How bad is that? Now the city of Tustin is complaining. Now, once again, the day that the fire was out, these guys were given a press conference patting each other on the back.

And I would be using profanity right now if I wasn’t here. But the point was, they were congratulating everybody. Let’s bring out the mayor. Let’s bring out the other elected officials again, who had nothing to do with letting the fire burn for 24 days. But those people were talking about how now it’s a completely different story. We’ve spent over $20 million to clean this up. We can’t afford this.

We’re depleting our funds in the city. This is awful. You bet it is. You bet it’s awful. And it’s only going to get worse, guys. It’s only going to get worse. Now, final story. And I want you to think about this with the state of New York, how insane they are, okay? They want to pass legislation, and it’s aimed at, of all restaurants, chick fil a. And you’re.

You. What do you mean it’s aimed at Chick fil a? Chick fil a is closed on Sundays, okay? And it’s because of their religious beliefs. Okay, whatever. You just don’t go to chick fil a on Sundays. Well, they don’t want that. The state of New York is saying, you know what? You want to run a business here in New York, you have to be open on Sundays because of people that travel.

It’s not fair for people that travel. And to have the inconvenience of a chick fil a being closed. Is that the most insane thing you’ve ever heard of? Seriously? Okay. Now, in New York, you have all those posh restaurants that you would never eat at. That would be hundreds of dollars for a meal that are closed on Mondays. Okay, what do you do with the people closed on Mondays? Well, that’s different, Dan.

People don’t travel on Mondays. Do you see how insane this is? But again, New York City has. It’s one of the robbery capitals of the world. It’s going to be one of the worst places to live in. But again, chick fil a can’t close on Sundays. Now they want to pass legislation for this. Is that insane? But hey, if you want to be a high end restaurant and you close on Mondays, no, that’s okay.

Do you see how it’s insane? Absolutely insane. Read the story below. Please don’t forget to hit the like button. It’s going to rain again. I’m freezing. And like button. Subscribe to the channel, share it with all your friends and family members, and join our email list. Okay, if you want to get a hold of me. Hello@iallegedly. com? Thank you one and all for being here, and I will see you guys very soon.

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