USA Today reports on a new study that shows “credit card issuers slashed credit for an estimated 24 million borrowers who paid their bills on time, and a third of those consumers saw some drop in their credit scores during a six-month period.”

USA Today, which has covered the credit card industry very thoroughly, has a story today about how banks are raising credit card fees to cover the cost of delinquencies.

This type of editorial slamming banks for raising credit card rates is becoming pretty common: 

Banks have been upping the interest rates on unpaid balances if you make a late payment. Charging late fees is one thing, but upping the interest rate on unpaid balances is changing the rules after the game has started.

And spare us the predictable rationalization about such terms being in the mumbo jumbo, fine-print sleight of hand that passes for disclosure. That makes it legal; doesn’t make it right.

A segment on the Today Show this morning warns consumers to watch out for hidden fees and gives advice on what to look out for.  According to the story, it is estimated that U.S. consumers collectively pay at least $216 billion in financial fees each year. That works out to about $750 a person in miscellaneous fees.

Fees on credit card bills

• Late payment fees: $19-$39
• Over the limit fee: up to $39
• Default rate: over 30 percent APR

Fees on checking accounts

• Bounced check fees: $35-$45/check
• ATM fees: up to $5.50/withdrawal (up to $3/each from issuing bank, up to $2.50 from own bank)
• Check copy: $3-$10

Is there any question why payday loan customers appreciate the option?