Late Credit Card Payments on the Rise

It appears that more American consumers are late in paying their credit card bills. The organization known as CardTrak reports that the percentage of customers who are tardy in making credit card payments is at a 3-year high.

The trend is actually a money-maker for credit card companies. That’s because credit card issuers earned $18.1 billion in penalty fees in 2007, up from $17 billion in 2006. [Read more]