Last year the credit card industry took in $43 billion in fee income, up from $39 billion in 2002, according to R.K. Hammer Investment Bankers.  The reason?  Shrinking billing cycles and stricter payment deadlines.  The credit card companies are sending statements to consumers closer to the billing deadline with the end result being more people sending in payments late.

"Fee Income" for the credit card companies account for 35% of their business, which is up from 18% just 6 years ago.  Fees are no longer just an annoyance, rather, credit card companies have realized a way to actually make fee income a viable second income for themselves.

If you need help getting out from under your credit card debt, contact a Select Legal bankruptcy attorney.