Credit card fees
Credit card operations are usually the most profitable business of a bank. About 30% of all profits earned by credit card lenders were from cardholder fees. Most large banks have raised late fees and over-the-credit-limit fees to at least $35. Many lenders double their interest rate if a cardholder pays late or exceeds their credit limit. Advocates say the amount of interest and fees are so great that many consumers are unable to reduce their principle balance. Industry supporters claim high profit margins are needed to offset the large number of consumer bankruptcies. Opponents claim record industry-wide profit levels and fee increases can only be explained by uncompetitive practices and consumer price gouging.

Pending Legislation:
H.R.1565 - Protecting Consumers from Unreasonable Credit Rates Act of 2015

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Poll Opening Date
May 21, 2020
Poll Closing Date
May 27, 2020

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