Income from fees credit card issuers charged for late payments and going over credit limits in 2014 hit their lowest levels since 2009, according to card consultancy R.K. Hammer.

Penalty fees, which included late fees, over limit fees, fees for insufficient funds and currency conversion hit a high of $22.9 billion industry wide in 2009 before falling to $22.5 billion in 2010 and every year since until hitting $11.7 billion in 2014, the Thousand Oaks, Calif.-based firm said.

Robert Hammer, R. K. Hammer company founder and CEO, attributed the drop to increased regulations and said the search for fee income continues at most card issuers.

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