Late Fee Lifeline: The Rule Change That's Saving Credit Card Users a Bundle

Late Fee Lifeline: The Rule Change That's Saving Credit Card Users a Bundle

Author: Lee Enterprises April 15, 2024 Duration: 6:32

Credit card late fees can be the bane of any budget, but a new rule from the Consumer Financial Protection Bureau might just be the relief many users need.

In this episode of PennyWise, host Nat Cardona delves into the details with NerdWallet's credit card expert Sara Rathner. They break down the significant drop from $32 to $8 in maximum late fees and what this means for your wallet.

Discover the implications for your financial health, the rationale behind this substantial reduction, and the anticipated timeline for its implementation. Plus, get expert tips on how to avoid late payments altogether and protect your credit score. 

"Don't ruin the hard work that you've put in to raising your credit score over a long period of time in a flash, just by missing a payment. Really focus on ways you can meet those deadlines."

Episode References

Consumer Financial Protection Bureau | https://www.consumerfinance.gov/

Nerdwallet |  https://www.nerdwallet.com/

Card Act of 2009 | https://www.congress.gov/bill/111th-congress/house-bill/627

Federal Reserve | https://www.federalreserve.gov/

Episode summary created by https://headliner.app


Ever feel like your financial goals and your desire to explore the world are constantly at odds? PennyWise: Personal Finance & Travel Tips digs into that very tension, offering a practical and surprisingly optimistic look at how to manage your money while still funding your adventures. Hosted by Lee Enterprises, this podcast moves beyond dry financial advice, weaving together conversations about smart investing, everyday budgeting, and the cultural richness that travel brings. Each episode introduces you to a different financial expert with actionable strategies, but the focus remains on real-life application-how a solid investment today can mean a memorable trip tomorrow, or how understanding local economies can deepen your travel experiences. You’ll hear discussions that connect market trends to personal savings plans, and thoughtful segments on how the places we visit shape our perspective on value and community. It’s a blend of street-smart finance and genuine curiosity about the world, designed for anyone who believes building wealth shouldn’t mean staying put. Tune in for a fresh take that makes financial planning feel less like a restriction and more like the key to unlocking meaningful experiences, all within a budget that makes sense for you.
Author: Language: en-us Episodes: 100

PennyWise: Personal Finance & Travel Tips
Podcast Episodes
6 ways to prepare for financial shocks [not-audio_url] [/not-audio_url]

Duration: 7:24
Unexpected expenses can cause a lot of stress-- emotional and financial. On the latest episode of PennyWise, producer/editor Ambre Moton is joined by NerdWallet's Kimberly Palmer who has six key tips for recovering from…
5 key tips to plan for potential inheritance [not-audio_url] [/not-audio_url]

Duration: 6:17
Gen Z and Millennials stand to inherit a significant amount of money and propert in the future as family members age. On the latest episode of PennyWise, producer/editor Ambre Moton is joined by NerdWallet's Kimberly Pal…
5 Tips to Pay Off Debt [not-audio_url] [/not-audio_url]

Duration: 11:03
While it's best to refrain from going into debt, sometimes incurring debt can be unavoidable. Attempts to pay off the debt can be difficult. On the latest episode of PennyWise, producer/editor Ambre Moton is joined by Wa…
7 balance transfer credit card mistakes and how to avoid them [not-audio_url] [/not-audio_url]

Duration: 7:22
Inflation is up, interest rates are high and Americans' budgets are getting tighter. The balance transfer offers on credit cards can look like an attractive option for those carrying balances on their cards. On the lates…
4 ways to stay out of debt [not-audio_url] [/not-audio_url]

Duration: 10:02
As of 2023 Americans owe more than $1 trillion in credit card debt, but being proactive and completing four key steps can help consumers avoid credit card debt. Joining PennyWise this week is personal finance writer at W…
How to keep your money safe from text message scams [not-audio_url] [/not-audio_url]

Duration: 9:26
Text messages warning of financial concerns will prompt users to click on a link or call a number to resolve an urgent matter. But that message is very likely an attempt to extract sensitive information. On the latest ep…
Common credit card mistakes and how to avoid them [not-audio_url] [/not-audio_url]

Duration: 22:16
Carrying a balance on your credit card from one month to the next may not be recommended but for many Americans it’s unavoidable. On the latest episode of PennyWise, show producer Ambre Moton is joined by John Kiernan, m…
How to get compensation for flight delays [not-audio_url] [/not-audio_url]

Duration: 12:53
Travel booms during the holiday season and between winter weather and large crowds, delays and cancelations are to be expected. U.S. airlines are not required by law to compensate passengers for flight delays, and refund…
What to buy and what to skip on Black Friday and Cyber Monday [not-audio_url] [/not-audio_url]

Duration: 7:24
'Tis the season — the season for shopping and massive sales. With the holiday season in full swing, many people are counting down and plotting their plan of attack for Black Friday and Cyber Monday. On the latest episode…
Key tips for when to repair and when to replace household appliances [not-audio_url] [/not-audio_url]

Duration: 8:07
Disaster strikes — your washer is making a weird noise and won't drain. Do you fix it or replace it? On the latest episode of PennyWise, host Nat Cardona is joined by Kimberly Palmer of NerdWallet with tips when to repai…