Credit Card Companies Charged $19 Billion in Fees in 2008

Credit card companies charged $19 billion in penalty fees in 2008 and are expected to break all records for late fees, over-limit charges, and other penalties in 2009, at more than $20.5 billion.

Credit-card debt in the U.S. has reached a record high --nearly $1 trillion -- and almost 50% of American families currently carry a balance. One-fifth of those carrying credit-card debt pay an interest rate above 20 percent.


Sources: Chicago Sun-Times and Depaulia Online