Recent discussions highlight the growing concern over credit card companies in the U.S. charging excessive fees compared to their counterparts in Europe and Canada. Americans are reportedly paying on average $1,000 more annually in hidden fees, with current interest rates ranging from 23-28%. The Consumer Financial Protection Bureau (CFPB) is proposing a cap on late fees to $8, which could save Americans $9 billion annually. However, companies like Synchrony are responding by increasing their APR to 34.99%, with a penalty APR of 39.99% after a late payment. This move has sparked a debate on the balance between consumer protection and the financial viability of credit companies. U.S. fees are 2x higher than in Canada and 7x higher than in Europe.