Regulators Cap Credit Card Late Fees at $8 to Save Families Billions
• Federal regulators finalized a rule to cap most credit card late fees at $8, estimated to save families over $10 billion a year • Aims to close a 2010 loophole that allowed card companies to raise fees on late payments • Comes as administration pushes to eliminate "junk fees" and help families struggling with high costs • Rule expected to take effect June 1, despite threats of lawsuits from business groups • Consumer advocates praise move as reasonable way to help vulnerable families struggling with card debt