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Article: Credit card companies raise late fees, group reports.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 12, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Will Buss, Belleville News-Democrat, Ill. Knight Ridder/Tribune Business News
Jul. 12--A Web-based consultant group that tracks the credit card industry says penalties for late payments are costing tardy consumers more.
Cardweb.com Inc. reports that late fees increased by 33.4 percent of total credit card revenue in 2003. That is up from 27.9 percent in 2000 and 16.1 percent in 1996.
The group also found that the credit card industry collected $11.7 billion from penalty fees last year, a 9 percent jump from the $10.7 billion recorded in 2002.
A metro-east financial analyst said the credit card industry is gradually increasing ...