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Late Fee Lifeline: The Rule Change That's Saving Credit Card Users a Bundle
Manage episode 412671266 series 3424497
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Credit card late fees can be the bane of any budget, but a new rule from the Consumer Financial Protection Bureau might just be the relief many users need.
In this episode of PennyWise, host Nat Cardona delves into the details with NerdWallet's credit card expert Sara Rathner. They break down the significant drop from $32 to $8 in maximum late fees and what this means for your wallet.
Discover the implications for your financial health, the rationale behind this substantial reduction, and the anticipated timeline for its implementation. Plus, get expert tips on how to avoid late payments altogether and protect your credit score.
"Don't ruin the hard work that you've put in to raising your credit score over a long period of time in a flash, just by missing a payment. Really focus on ways you can meet those deadlines."
Episode References
Consumer Financial Protection Bureau | https://www.consumerfinance.gov/
Nerdwallet | https://www.nerdwallet.com/
Card Act of 2009 | https://www.congress.gov/bill/111th-congress/house-bill/627
Federal Reserve | https://www.federalreserve.gov/
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