"Biden Administration Caps Credit Card Late Fees at $8 in Crackdown on Junk Fees"

The Biden administration has announced a rule to cap all credit card late fees at $8, aiming to end what it calls junk fees and save Americans up to $10 billion a year. President Biden highlighted this proposal as part of efforts to reduce costs for Americans, along with forming a strike force to crack down on unfair pricing in various sectors. However, the move has faced criticism from some lawmakers and industry representatives, who argue that it could lead to higher interest rates and decreased access to credit. The administration's broader efforts to eliminate junk fees have not significantly boosted Biden's approval ratings on economic leadership, and concerns are rising over growing credit card debt and delinquency rates.