“Credit card late fees will soon be capped at $8—why you should aim to pay on time anyway”
March 8, 2024
“…On Tuesday, the Consumer Financial Protection Bureau finalized a rule that will cap credit card late fees at $8. Currently, card users are typically hit with a $32 fee for late payments, according to the agency…
The rule is expected to go into effect 60 days after its publication in the Federal Register, per the CFPB’s March 5 press release…”
https://www.cnbc.com/2024/03/05/cfpb-caps-credit-card-late-fees-at-8-dollars.html
This is not going to help the poor / low income. Why not? Because companies will stop lending if they can’t make money. They’ll only lend to those with good credit or at the very least the requirements for leading will be much higher than before meaning a larger block of people than before will be unable to access credit.