How the U.S. built a junk fee economy
Publishing timestamp: 2023-04-25 11:23:25
Summary
Americans are collectively spending nearly $65 billion on "junk fees," which include overdraft charges, late fees, account maintenance fees, and fees to pay bills. These fees are prevalent across various industries, and companies are becoming addicted to them as a way to pull in more revenue without competing. Regulatory agencies are proposing changes to address the issue, but increased regulatory oversight may be necessary to eliminate "junk fees" once and for all.
Sentiment: MIXED
Keywords: credit card services, wells fargo & co, personal debt, politics, mortgage figures, stock markets, congress, family finances, trade, student finances, consumer finance, banking and credit regulation, airlines, economy, telecommunications regulation, consumer banking, personal saving, economic growth, marketing, consumer prices, online banking, business, passenger airlines, credit cards, u.s. democratic party, economic outlook, video first, vacation costs, personal finance, consumer spending, prices, consumer financial protection bureau, federal trade commission, banks, inflation, comcast corp, contracts and orders, mortgages, u.s. republican party, hotels and resorts, white house, personal spending, u.s. economy, economic policy, markets, social issues, taylor swift, joe biden, business news, consumer fraud, event promotion and ticketing services, u.s. department of transportation, products and services,
Source: https://www.cnbc.com/2023/04/25/how-the-us-built-a-junk-fee-economy.html