Worcester Business Journal

November, 28, 2022

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wbjournal.com | November 28, 2022 | Worcester Business Journal 15 said Babineau. e brewery pays roughly $2,000 once a month in fees, but Babineau said she doesn't lose sleep about it. Instead, she's more interested in spending her time trying to find other ways to make money rather than worrying about passing on fees to the customer. MRA's effort is a small part of a larger effort to address the fees businesses incur by accepting credit card payments. In U.S. Congress, the proposed Credit Card Competition Act of 2022 seeks to curb such fees by creating more competition among credit card companies to offer better pricing. It follows in the footsteps of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which curbed debit card fees. e credit card bill enjoys bipartisan support in Washington, D.C., having been introduced by Sen. Roger Marshall (R-KS) and Sen. Richard L A W & A C C O U N T I N G F O C U S YANKEE SPIRITS DELIVERS! FREE DELIVERY! L O C A T I O N S I N : A T T L E B O R O N O R W O O D S T U R B R I D G E S W A N S E A Contact our Delivery & Shipping Department for details: weborders@yankeespirits.com yankeespirits.com Yankee Spirits provides free delivery of wine, spirits and beer to homes or businesses in Bristol, Essex, Plymouth, Worcester, Suffolk, Norfolk, and Middlesex Counties with a minimum order of $350.00. We make getting your latest purchase in hand simple and easy via two convenient delivery options. In addition to the communities above, Yankee Spirits also ships wine (unfortunately, we cannot ship spirits or beer) via Federal Express anywhere in the state of Massachusetts. America's rising credit card balance The collective balance on U.S. consumers' credit cards fell through the first year of the COVID pandemic but is now rising at its fastest rate in four years. Dani Babineau, co-founder and CEO of Redemption Rock Brewing Co. 2018: Q1 ........................................... 7% 2018: Q2 ........................................... 6% 2018: Q3 ........................................... 4% 2018: Q4 ........................................... 4% 2019: Q1 ........................................... 4% 2019: Q2 ........................................... 5% 2019: Q3 ........................................... 4% 2019: Q4 ........................................... 7% 2020: Q1 ........................................... 5% 2020: Q2 ..........................................-6% 2020: Q3 ..........................................-8% 2020: Q4 ........................................-12% 2021: Q1 ........................................-14% 2021: Q2 ..........................................-4% 2021: Q3 ........................................... 0% 2021: Q4 ........................................... 5% 2022: Q1 ........................................... 9% 2022: Q2 ......................................... 13% 2022: Q3 ......................................... 15% Percent increase Quarter in credit card balance Source: New York Fed Consumer Credit Panel / Equifax Durbin (D-IL), the chairman of the judiciary committee, and nearly 2,000 businesses and trade associations from around the country sent letters to Congress urging them to pass the bill into law. With Congress now in a lame duck session following November's midterm elections, the credit card bill appears unlikely to become law this year. The proposal from the Massachusetts Restaurant Association would give businesses the option of imposing a surcharge on customers to use credit cards. W

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