Consumer Group Investigates Credit Card Late Fees

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003854-consumer-group-investigates-credit-card-l/

By Eileen Alt Powell, AP

If you mess up your credit card payments, it’s going to cost you a lot of money, according to a survey released Thursday by the consumer advocacy group Consumer Action.

Penalty rates for late payments — or going over your credit limit or bouncing a payment check — have risen to an average of 24.23 percent from 21.91 percent last year, the study found.

And more than 44 percent of banks impose so-called universal default rate hikes, which boost the rate on your credit card if you’re late paying another creditor or if your credit score falls, it found. That’s up from 39 percent of card issuers two years ago.

For this complete story, please visit Credit card penalty fees on the rise, consumer group finds.

Consumer Group Investigates Credit Card Late Fees

Unknown Author

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