And That’s Another Reason You Shouldn’t be Late
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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.”
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