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U.S. consumer watchdog to review 'excessive' credit card late payment fees


hegemony
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This could be a case of good intentions going awry.

 

I've related my experience that because of my loose organizational skills, I typically miss a due date on one or two credit payments each year (usually late by 5 days or less).  Yet, I rarely pay any late fees because lenders typically are very willing to waive them, provided you have at least 6 mo (or so) clean history.

 

Crack down on lenders' late fee policies and likely respond by eliminating any such leeway when a late fee is incurred.  I look to comment as much to the CFPB when they open the topic for input.

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7 hours ago, hdporter said:

This could be a case of good intentions going awry.

 

I've related my experience that because of my loose organizational skills, I typically miss a due date on one or two credit payments each year (usually late by 5 days or less).  Yet, I rarely pay any late fees because lenders typically are very willing to waive them, provided you have at least 6 mo (or so) clean history.

 

Crack down on lenders' late fee policies and likely respond by eliminating any such leeway when a late fee is incurred.  I look to comment as much to the CFPB when they open the topic for input.

Not just the loss of potential lenience, but you would ALSO see a tightening of credit being extended to the 'underserved.' This again comes back to the need to be able to price risk.  And the only ones, generally speaking, paying fees are those who are, by definition, a risk at that precise moment in credit time.

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