QUICK TIP: Credit card late fees are going up -- here's how to avoid paying them

SAN FRANCISCO (KGO) -- How much does your credit card issuer charge you for paying late? Michael Finney has another 7 On Your Side Quick Tip for you!

Federal regulators are allowing credit card companies to increase certain fees this year. Credit cards will now be allowed to charge you one dollar more for a late fee. Your first late fee can now cost you as much as $29. Every late fee after that, can be as much at $40.

There are three things you need to know about these late fees.

One, you may never pay those amounts because that's a cap, not a mandate.

Second, you don't have to pay late fees if you don't pay late, so keep track of that due date.

And finally, if you have an occasional late payment, call your bank and ask them to waive the fee. If you've been a good customer, they'll probably do that for you.

Take a look at more stories and videos by Michael Finney and 7 On Your Side.