Biden Wants Slash What He Calls Credit-Card 'Junk Fees'

The video discusses a new rule aimed at reducing credit card late fees, which currently average $31. It highlights that these fees are in addition to interest charges and are considered excessive compared to the actual cost to banks. The Obama-Biden Administration passed a bipartisan law to prevent banks from charging late fees significantly higher than their costs. These fees, termed 'junk fees,' can financially burden American families, especially those struggling to make ends meet.

What is the argument made about the cost of processing a late fee for banks?

What is referred to as a 'junk fee' in the context of credit card late fees?