Congress Backs Banks: Fee Caps Eliminated , Consumers Brace for Higher Costs

Congress recently overturned a rule that would have limited how much banks and credit card companies can charge in late fees. Now,  if you miss a payment, you could get hit with a hefty fee, sometimes $30 or higher. This change will hit people with low incomes the hardest, especially those already struggling to keep up with bills. Critics say it’s unfair and just helps banks profit more off vulnerable people, while supporters argue that higher fees are necessary to keep the financial system running smoothly and to encourage people to pay on time. I discuss this and ways for you to avoid paying these fees.