Higher Rates For Credit Card Late Fees
– By Priya Jestin, Staff Writer
Now, here comes one more bit of bad news: Late fees for credit card payments have jumped, a new study by congressional investigators has found. The report, which was released recently by the Government Accountability Office, Congress’ investigative arm, describes the fees, interest rates and disclosure practices of 28 popular credit cards. Msnbc.msn.com reports:
“Millions of Americans depend on credit cards to pay their bills and buy essentials like groceries or gas. Unfair or confusing credit card practices take advantage of working families,” said Sen. Carl Levin of Michigan, the senior Democrat on the Senate’s investigative subcommittee, who had asked the GAO to conduct the study. “This report shines a needed spotlight on excessive credit card fees, unfair interest rates and inadequate disclosure practices that ought to be stopped.”
Read more: Study: Credit card late fees are higher