Woodstock Institute: New Rule Lowers Average Credit Card Late Fees From $32 to $8
March 07, 2024
March 07, 2024
CHICAGO, Illinois, March 7 -- Woodstock Institute issued the following news release:
Woodstock Institute joins consumer advocates across the country in celebrating the Consumer Financial Protection Bureau's (CFPB) decision to finalize a rule to significantly reduce credit card late fees. The new rule would cap most late fees at $8 and bans large issuers from increasing fees with the rate of inflation. In 2022, the average late fee for major companies was $32.
The r . . .
Woodstock Institute joins consumer advocates across the country in celebrating the Consumer Financial Protection Bureau's (CFPB) decision to finalize a rule to significantly reduce credit card late fees. The new rule would cap most late fees at $8 and bans large issuers from increasing fees with the rate of inflation. In 2022, the average late fee for major companies was $32.
The r . . .