SENATOR BALDWIN LEADS BILL TO CAP CREDIT CARD LATE FEES AT $8

WASHINGTON, Jan. 21 -- Sen. Tammy Baldwin issued the following press release:

U.S. Senator Tammy Baldwin (D-WI) led her colleagues in introducing the Credit Card Fairness Act, legislation that would cap credit card late fees at $8.

Consumers currently pay $14 billion per year in credit card late fees, which pads the profits of the biggest banks. The standard $30 to $41 late fee is up to five times higher than the cost for banks of collecting late payments, allowing banks to profit from customers who are struggling to make ends meet.

"As costs continue to skyrocket under this administration - from groceries, to housing, to health care - Wisconsin families are already stretched thin. The last thing they need is big banks and credit card co...