'Marketplace' Report: 'Trap Door' Credit Penalties You could be paying as much as 20 percent interest on credit card debit if you pay your bill even a day late. But lawmakers are trying to put a stop to the practice, known as "trap door" penalties.
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'Marketplace' Report: 'Trap Door' Credit Penalties

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'Marketplace' Report: 'Trap Door' Credit Penalties

'Marketplace' Report: 'Trap Door' Credit Penalties

'Marketplace' Report: 'Trap Door' Credit Penalties

  • Download
  • <iframe src="https://www.npr.org/player/embed/10976919/10976920" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

There's a thief in your wallet.

It's called your credit card. Pay your bill a single day late and card issuers can hit you up with penalty fees and interest rate bumps as high as 20 percent on debt you've already incurred.

Steve Tripoli of Marketplace talks to Madeleine Brand about the "trap door" penalties credit card companies have created and what lawmakers are trying to do about it.

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