Biden administration introduces new rule to cap credit card late fees – MASHAHER

The Biden administration has introduced a rule capping credit card late fees at a maximum of $8, a sharp decrease from the current $32 average. This as a new task force is set to address illegal and unfair pricing practices in essential sectors like groceries, prescription drugs, healthcare and housing. CBS News business analyst Jill Schlesinger offers an in-depth analysis on what these changes mean for consumers.