Check It Out: Credit Card Late Fees Significantly Reduced In Mont

I'm sure you've felt the squeeze of random fees hitting your bank account or credit cards at some point in your life.

Staying on this topic, there's been a fair amount of recent talk about junk fees in the news and how the Biden administration is attempting to crack down on them.

I'm all for reducing hidden fees; however, a credit card late fee is a bit different.

Cracking Down On Junk Fees

President Biden announced that he's rolling out a new Strike Force to crack down on unfair and illegal pricing.

This team, co-chaired by the Department of Justice (DOJ) and the Federal Trade Commission (FTC), is dedicated to cracking down on corporations and holding them accountable for trying to rip off Americans.

Unfair And Illegal Pricing In The United States

The Strike Force isn't just for show – it's getting down to business.

Agencies are teaming up to root out illegal corporate behavior that hikes prices on American families.

They're focusing on key sectors like prescription drugs, health care, food, housing, and financial services.

Slashing Credit Card Late Fees In Montana

In another move to ease the burden on consumers, the Consumer Financial Protection Bureau (CFPB) has finalized a rule to cut credit card late fees from an average of $32 to just $8.

This could save consumers a whopping $10 billion a year, promoting fair and competitive markets in the process.

Causes of Credit Card Debt

Credit Card debt in America sits at a record $986 billion. And 35% of American adults carry some kind of credit card balance. Developing good financial habits, such as budgeting, saving, and understanding credit card terms, can help prevent or manage credit card debt effectively. It's important to note that each individual's situation is unique, and a combination of these factors or other personal circumstances can contribute to credit card debt. Here are some of those factors

Gallery Credit: Dr. T

10 States With The Fewest Credit Cards

In order to determine the states with the most credit cards, WalletHub compared the 50 states across two key dimensions: 1) Number of Cards and 2) Increase in Number of Credit Cards.

We evaluated those dimensions using 4 relevant metrics listed below with their corresponding weights, each metric being graded on a 100-point scale.

Gallery Credit: Kyle Matthews