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Those Struggling With Debt Could Soon Face Higher Fees

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Bank of America announces the introduction of new checking accounts in select states. Americans have been making strides to pay down debt in recent months, though according to recent unemployment numbers, many are likely still struggling.

Things may not be getting easier, as Bank of America announced a trial run of new fees on checking accounts to be rolled out over the next month in three states.

In addition, most of the accounts carry fees for low balances and require more use to avoid fees, Georgia news provider The Atlanta Journal-Constitution reports. This means those who already may be struggling low balances and have been eschewing credit card use may now be penalized for the activities.

"Fees have been the reality for the last decade and will be the reality for the next decade," Greg McBride, senior financial analyst with Bankrate.com, told the Journal-Constitution. "But what’s important for consumers is there are plenty of ways to avoid those fees."

Those looking to switch banks in order to keep their debt down will also have troubles, as many U.S. lenders are considering these changes in order to recoup lost revenues.

Timely articles written by the Editors at DRC

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