Late Fees Drop Two Years After Credit-Card Act, Pew Study Says

Two years after credit-card legislation was signed, late payment fees have declined and interest rates have stabilized, the Pew Charitable Trusts said.

Charges for late payments on U.S. bank-issued credit cards decreased to a range of $25 to $35 from a median of $39, according to the report released today by the Philadelphia-based nonprofit. The study looked at about 300 consumer credit cards offered online by the 12 largest banks and credit unions, and compared terms for cards offered in March 2010 and January 2011. Late fees were as common as they were in 2010, the study said.