"Have to 4crack down on 5corporate 6gouging." 

Speaking on a Dallas radio show Tuesday, the president explained why federal 7regulators are 8capping credit card late fees at $8 per late payment. The average right now is about $32. 

"Right now you're going to win and if you 9bounce a check or you pay a late fee on your credit card, you're paying $35, $40, $50. I changed it to paying $3, $5 because corporations just 10ripping us off." 

The 11Consumer Financial Protection Bureau estimates the new regulation will save individuals 12roughly $220 a year. 

So just how bad is credit card debt in the U.S.? Between October and December of 2023, credit card debt hit a high of $1.13 trillion, according to the Federal Reserve Bank of New York. 

LendingTree looked at more than 350,000 credit reports and found the average unpaid balance was $6,864 at the end of last year.

Biden says the new rule will help 13struggling families with the 14high cost of living. But some critics disagree. The U.S. Chamber of Commerce 15slammed the new rule and vowed to fight it, saying, quote, "The agency's final credit card late fee rule punishes Americans who pay their credit card bill on time by 16forcing them to pay for those who don't."