Some credit card fees are hard for consumers to fathom

Many companies are raising interest rates and penalties for late payments By RONETTE KING New Orleans Times-Picayune If your recent credit card statement had you wondering why you got hit with a late charge when you thought the payment was mailed on time, join the club. And if it seems like your usual monthly payment isn't whittling away at the balance as much as it used to, it may not be an illusion but the result of a higher interest rate charged on your account. The current economic downturn has prompted credit card issuers to change contract agreements with cardholders, alterations that bear bad news for consumers. Those intricately worded "contract updates" you receive could spell out some costly changes. Of course, it's best to pay off your credit card balance in full each month, but that's not always possible. Many... [read full story]