WSJ: Banks Raise Credit Card Interest Rates in Anticipation of CFPB $8 Late Fee Cap

According to the Wall Street Journal, banks are pre-emptively raising interest rates in anticipation of the CFPB’s $8 cap on late fees. The current average credit card interest rate sits at its highest level recorded since 1994. According to the CFPB, credit-card borrowers pay about $14 billion in late fees annually, and a cap on these fees would reduce this number by almost $10 billion. 

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