GOOD NEWS: Credit Card LATE FEES Limited to $8 Under New Federal Rule!

Today, the Consumer Financial Protection Bureau (CFPB) announced that it is banning excessive credit card late fees, lowering the typical fee from $32 to $8. The rule that the CFPB finalized today will close a 2010 loophole exploited by credit card companies to charge consumers as much as $41 for a single late fee. This CFPB rule, however, is expected to face significant challenges from Republican lawmakers as well as corporate interests. Learn more about what this means for you in this video.

Table of Contents:
0:00 CFPB Rule Limiting Credit Card Late Fees to $8
0:32 Why Am I Making This Video?
1:02 What Is the CFPB?
1:15 Will Supposedly Save American Families More Than $10 Billion Per Year
1:47 Why Late Fees Exist
2:31 The CARD Act
2:55 Credit Card Issuers' Costs Have Decreased Significantly Since the CARD Act
4:08 When Does This New Rule Go Into Effect?
4:27 Which Credit Card Issuers Does This Rule Apply To?
5:04 The $8 Won't Be Increased For Inflation (The CFPB Will Be in Charge of Increases)
5:29 Card Issuers Could Theoretically Charge More Than $8, But They Likely Won't
6:10 The Republican Challenge to This New CFPB Rule
7:08 The Conservative Economic Argument Against This New CFPB Rule
8:15 Keep Your Eye Out For More News About This
8:49 Let Me Know Your Opinion!

#creditcard #creditcards #fees