The Consumer Financial Protection Bureau has enforced a cap on late fees for credit card payments, reducing the typical fee from $32 to $8. This measure is expected to save American families over $14 billion annually in late fees, amounting to approximately $220 per year for each of the 45 million people who pay them. Late fees, which have grown into a $14 billion industry as of 2022, surpass the revenue generated by interest and fees charged by card issuers. The average late fee charged by large card companies increased from $23 in 2010 to $32 in 2022.
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