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The proposed legislation to cap late fees for credit card holders has drawn criticism from industry groups, arguing it could lead to higher costs for all cardholders and potentially limit access to credit for certain sections of the community.
The business groups argue that late fees are a necessary tool to incentivize timely repayment. They believe that the cap on late fees would shift the cost onto responsible customers who pay on time, as credit card issuers may react by imposing higher interest rates or annual fees to compensate for the lost revenue