And That’s Another Reason You Shouldn’t be Late
Post viewed 311 times, 2 so far today
in paying your credit card bills.
According to a Reuters article, The General Accountability Office (GAO)’s report released today found that the average financial charge for a late credit card payment jumped from $13 in 1995 to $34 in 2005, an increase of 115%, and the highest charge is $39. The fees for over the limit also went up from $13 in 1995 to $31 in 2005.
It seems that credit card companies are trying to collect more money by raising the penalty, however the report noted that
“the largest issuers have not experienced greatly increased profitability over the last 20 years.”
Does that mean those guys actually don’t need to charge high late fees?
Click here for the full GAO report “Credit Cards: Increased Complexity in Rates and Fees Heightens Need for More Effective Disclosures to Consumers.”
If you enjoyed reading this post, please consider subscribing to my full RSS feed (What's RSS feed?). Or you can also choose to have free daily updates delivered right to your inbox.
Featured Financial Products
- Get the most out of your money with these online banks that pay top interest rates: EverBank: 4.75% APY, FNBO Direct: 3.50% APY, Washington Mutual: 3.75% APY.
- Feeling the pain at the pump? Find out how you can get up to 5% cash back with these gas rewards credit cards. It's the money you have to spend anyway. Why not get some back?
Related Posts
- New Week, New Job
- China: 2008
- Captial One’s Dirty Trick
- Previous Poll Results
- MSN Money: Credit Card Companies’ Evil Tricks
Share Your Thouhgts
Your opinion matters. Please use the form below to share your thoughts on And That’s Another Reason You Shouldn’t be Late with us.Recent Entries
- Boy, Was I Wrong on FRE
- Avoid These Unhealthy Kid Foods
- Suze Orman FICO Kit 20% off Sale
- Poll: Do You Save in 401(k) Without Company Match?
- Weekend Linkage - August 17, 2008
- It’s Not Easy to Live in New Jersey
- Discover More Card $50 Bonus Promotion
- Past Performance of My All-ETF Portfolio and A Little Modification
- Creating a Virtual All-EFT Portfolio
- Weekend Linkage - August 10, 2008
- IGoChecking Gives $50 Gas Cards for New Accounts
- The Wait Is Over. Let’s Party!!!
- 401(k) Debit Card Is NOT a Good Idea
- Firstrade Referral Bonus Sharing Program
- Chinese ADRs Monthly Update - July 2008
- 10 Hottest Mutual Funds in 2008
- Protect Yourself and Your Money Against Bank Failures
- Weekend Linkage - August 3, 2008
- TradeKing Promotion: Get $50+$20 Bonus When Opening a New Account
- Emigrant Direct and WT Direct Interest Rate Update
- July 2008 Score Card — Part I: Net Worth
- WaMu Online Savings Account Now 3.75% APY
- EverBank Direct President Answers Some Questions about EverBank
- Did You Splurge?
- What are My Investments and How are They Doing So Far?




Comments
No comments yet, but your thoughts are always welcome.