Posted 3/5/2024, 1:13:00 PM
Biden Cracks Down on Credit Card Junk Fees
- Biden administration announced a rule to cap credit card late fees at $8, down from current average of $32
- Effort aims to crack down on "junk fees" that push up costs for consumers
- Comes as administration forms new "strike force" to target illegal and unfair pricing in areas like groceries, prescriptions, healthcare
- Americans held over $1 trillion in credit card debt in Q3 2022, a record high
- Proposal requires card companies to justify fees higher than $8 benchmark or accept cap