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Credit card late fees to be capped at $8 under Biden campaign against "junk fees"

  • A new rule by the Biden administration aims to cap credit card late fees at $8, saving Americans up to $10 billion a year.
  • The Consumer Financial Protection Bureau's regulations will impact credit card late fees, which averaged $32, reducing the burden on consumers.
  • President Biden is focusing on eliminating "junk fees" as part of his economic agenda and plans to address unfair pricing in various sectors.
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