Back in March 2024, the Biden administration tried to throw consumers a lifeline. The Consumer Financial Protection Bureau (CFPB) has issued a new rule. This was done under the White House’s watch. The rule will limit late fees on credit cards. No more $32 penalties. From now on, banks could charge just $8. It sounded like a win. Especially for low-income borrowers and anyone already teetering on the edge of their monthly budgets. But Wall Street doesn’t lose that quietly. Within weeks, companies like Bread Financial, Synchrony, Capital One, Citigroup, and Barclays began jacking up their interest rates. Some surged … Continue reading How Retail Credit Cards Turn Everyday Shoppers into Lifelong Borrowers in America