Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Credit Card Late Fees Rise as Pandemic Relief Ends, CFPB Finds

March 29, 2022, 1:00 PM

Credit card late fees are inching back to pre-pandemic levels as federal stimulus payments and other relief expires, the CFPB said.

U.S. consumers paid $12 billion in credit card late fees in 2020, a drop from $14 billion in late fees paid in 2019, the Consumer Financial Protection Bureau said in a Tuesday report. But the bureau is concerned that late fee volume rose on a monthly basis between April and October 2021.

The fee uptick was caused by the expiration of federal Covid-19 relief payments and the Biden administration’s expanded child tax credit, which included direct payments to ...