‘Junk fees’ cost Americans almost $65 billion each year

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‘Junk fees’ cost Americans almost $65 billion each year
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The White House says Americans spend almost $65 billion per year in junk fees. Consumer Investigator Rachel DePompa talks to an expert from Bankrate about what these fees are and what you can expect to see over the next year.

, said one example of this disproportionate penalty is late fees on credit cards, which can be up to $30 for a first time offense.

“The CFPB says that’s far too high, it’s become a profit center,” Rossman explained. “It’s way exceeding what the card company needs to charge in their view. So, they’re trying to bring it down to $8.” Rossman said while reducing these fees will lead to greater transparency, it’s unlikely consumers will save money.

“We’re actually already seeing that with things like concert tickets and sports tickets,” he said. “There was recently an event at the White House where the leaders of companies like Live Nation and Ticketmaster and SeatGeek pledged a lot more transparency. So basically, offering all in pricing from the get-go rather than these surprise add-ons at the end.”The White House claims

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