Your Bank Account Is in Danger: Anthony Head of the Consumer Bureau Just Cancelled a Rule That Saved You $500 a Year
That new rule stopping your credit card company from gouging you on late fees? Gone. Consumer watchdog Anthony Head, the Trump appointee running the Consumer Financial Protection Bureau, just pulled the plug on a regulation that was set to slash late payment penalties from $41 down to just $8. For the 45 million Americans who get hit with a late fee each year, that’s a potential savings of nearly $400 a year—vanished. Banks are already rubbing their hands together, and your wallet is the one getting squeezed. Check your next statement; the price of being a few days late just went way, way up.