Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees. The new push to target credit card fees comes as the White House aims to show it is taking action to help families hurting from the high cost of living. It also comes as Americans continue to pile on credit card debt, which recently exceeded a record $1.1 trillion. More than 45 million people are charged late fees on credit cards each year, according to the CFPB. “The agency’s final credit card late fee rule punishes Americans who pay their credit card bill on time by forcing them to pay for those who don’t.”The ban on excessive credit card late fees is expected to be showcased by the White House later on Tuesday when President Joe Biden convenes his Competition Council.

Source: CNN March 05, 2024 15:16 UTC