NCRC has joined with Americans for Financial Reform, the National Consumer Law Center, More Perfect Union, and numerous other organizations in a campaign in support of the Consumer Financial Protection Bureau’s new proposed rule that holds banks accountable to keep credit card late fees at $8 or less.
Send a comment to support the CFPB and lower credit card late fees
American consumers are paying $12 billion dollars a year in credit card late fees. It’s a massive, multi-billion dollar wealth transfer from the poorest Americans to Wall Street.
In fact, the fees have become a huge profit center for big banks targeting subprime borrowers and trapping them in cycles of debt.
The industry average for credit card late fees is $31 and many banks charge even more. 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 Wall Street makes $12 billion from these fees. No wonder they’re doing everything they can to stop the CFPB.
Click the button below to sign and send an official comment in support of the Consumer Financial Protection Bureau’s new proposed rule that caps credit card late fees at $8.
