There is very little about the Credit Card Industry that is on the up and up. So I am not surprised to read that the late fees they charge on credit card debt may not be legal.

Credit Card Late Fees May Be Illegal.... The Bullshit Observer

Fifteen years ago, credit cards were largely a means to defer payment of something. A treat. A splurge. Now they are a must have for anyone who wants to shop online or sign up for any internet-based services like Netflix. According to Harper's Index, we have 12.7 credit cards per household now. CNN Money says we have closer to 20 per household. As a society, we are spending $1.01 for every $1.00 we earn. The average household had close to $10,000 in expensive credit card debt in 2004. They kinda own our asses now, don't they?

Click on this link for more info. http://toddanthonydirect.typepad.com/the_bullshit_observer/2007/03/credit_card_lat.html

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