Credit card users paid nearly $164 billion in fees, interest in 2022. It may 'get a little worse,' analyst warns
Publishing timestamp: 2023-10-19 10:57:20
Summary
Americans paid $163.89 billion in credit card fees and interest in 2022, which is an increase from previous years. The Federal Reserve has implemented rate hikes, leading to record-high interest rates on credit cards. The Biden administration is cracking down on "junk fees" and proposing changes to reduce late payment fees. Lower-income households are particularly affected by these charges. Cardholders can ask their card issuers for help in lowering fees and interest rates. It is important to monitor statements, set up automated payments, and be aware of fees and charges.
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