Posted 3/5/2024, 1:13:00 PM
Biden Targets $10B in Credit Card Late Fees With $8 Cap Proposal
- Regulator proposes capping credit card late fees at $8 to eliminate junk fees, part of Biden administration push
- Estimated to save Americans up to $10 billion per year from average fee now of $32
- Biden to highlight proposal at competition council meeting targeting unfair pricing
- Administration estimates eliminating $20 billion in junk fees overall from efforts
- Move comes as Americans hold over $1 trillion in credit card debt, delinquencies rising