Is This the Beginning of the End for Credit Card Late Fees?

Paying your credit card late can not only hurt your credit score and increase your interest rates, but it also costs American families $12 billion a year. The Consumer Financial Protection Bureau (CFPB) is proposing a new rule that can save consumers as much as $9 billion a year in late fees, but how will it impact credit card late fees? The CFPB's proposed rule is intended to prevent lenders from charging excessive late fees on credit cards.