The CFPB Announces a New Credit Card Late Fee Cap of $8 The Consumer Financial Protection Bureau has announced a final rule that they are capping credit card late fees at $8 for most credit cards (down from the current average of $32) – as part of a broader government-wide effort to curb corporate “junk fees” for consumers. The move is projected to save Americans $14 billion. This sounds great, on the surface, but there are some potential risks for consumers that aren’t disciplined in following the best practices with credit cards. I’ll get into the why, but let’s first
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