💨 Abstract

A Texas judge has nullified a federal rule that aimed to cap credit card late fees at $8, a move that could result in American families paying over $10 billion in late fees annually. The Consumer Finance Protection Bureau finalized the rule last year as part of the Biden administration's efforts to eliminate junk fees, but industry groups argued it would lead to higher interest rates and reduced credit access. The average late fee for major issuers is currently $30.50,

Courtesy: wtop.com

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