If you have had a history of making late payments on your credit cards, you may be relieved to learn that the Federal Reserve placed a cap on penalty fees recently. Now, credit card issuers are only allowed to impose up to $25 dollars in fees.
In addition, the Fed has eliminated their ability to impose inactivity fees, or fees that result from a cardholder not using the card over a certain period of time. And issuers will not be allowed to charge more in penalty fees than the actual payment amount (i.e. $25 fee on $20 minimum payment). These changes are a part of the third stage of implementing the Credit CARD Act. (Market Watch)