Late fees can top $40 right now, but the Consumer Financial Protection Bureau wants to limit that to $8 -- and they want people to weigh in on a couple questions on how it would work.
With higher prices stretching budgets, some people are relying more on credit cards than they have in the past. That means more people are potentially late to make their payments, but a new rule hopes to change how much that can hurt the consumer.
The Consumer Financial Protection Bureau says late payment fees cost Americans $12 billion in 2020, despite congress's attempt to ban extreme late payment fees in 2009. The CFPB's new rule aims to get rid of a loophole the bureau says credit card companies are using unfairly, potentially saving Americans as much as $9 billion.
Currently, credit card companies can charge up to $41 every time you don't make a payment, even if you are just an hour or two late to pay.Under the new rule, the CFPB would:Ban late payment fees that are more than 25% of your monthly minimum
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