Limits on credit card penalties in the works

The next wave of credit card reform could include strict limits on the penalites that credit card issuers love to tack on to your bills. These new rules will not take effect until the summer.

Under a proposal outlined by the Federal Reserve, one big change would be to cap over-the-limit fees to the dollar amount of the violation.

This would prevent a card user from being hit with a $40 fee for going $1 over the stated card limit.

The new rules will not go in to effect until August 22nd.

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