Credit card late fees are among the most widespread and costly of these junk fees. Currently Americans pay $12 billion dollars a year in credit card late fees.
It’s a massive, multi-billion dollar transfer of wealth from the poorest Americans to Wall Street.
The industry average for credit card late fees is $31. But the Consumer Financial Protection Bureau found that a reasonable fee, one that covers the actual costs for banks, is $8. That’s a big difference. No wonder they make $12 billion from these fees.
Under Director Rohit Chopra, the CFPB has proposed a new consumer protection that would limit credit card late fees at $8, but the Big Banks are working to stop them. So we need your help to make it happen.
Contribute to TakeItBack.Org and fund the fight in support of the Consumer Financial Protection Bureau's Plan to stop credit card late fees now.