Families are losing $1,230/year to 'junk fees' - enough for 1 month of groceries in NYC. How to keep more of your money

"Every year, without most people ever noticing, more than $165 billion quietly disappears from the wallets of everyday Americans. Not through fraud or ill-timed investments, but through the death-by-a-thousand-cuts of junk fees and time on hold."

"When broken down by the number of households in the U.S., each family throws away about $1,230 per year. That's equivalent to one month's groceries for a family of four living in New York City."

"A federal court struck down a CFPB provision to cap credit card late fees at $8, down from the typical $32 that consumers face. This is just one instance of how financial junk fee practices could be back on the rise thanks to less government oversight."

Americans lose more than $165 billion annually through junk fees and hidden charges across hotels, banking, healthcare, and other industries. This averages approximately $1,230 per household per year, equivalent to one month's groceries for a family of four. The Consumer Financial Protection Bureau previously led efforts to combat predatory fees and increase cost transparency under the Biden administration. However, policy changes following the Trump administration's return have reversed some protections, including a federal court striking down a CFPB provision that would have capped credit card late fees at $8 instead of the typical $32. Reduced government oversight threatens to allow junk fee practices to increase further.

Read at Moneywise