Biden administration caps credit card late fees at $8
The Biden administration has introduced a rule capping credit card late fees at a maximum of $8, a sharp decrease from the current $32 average. This comes as a new task force is set to address illegal and unfair pricing practices in essential sectors like groceries, prescription drugs, health care and housing. CBS News business analyst Jill Schlesinger offers an in-depth analysis of what these changes mean for consumers.
