What are late fees and how can I avoid them?

What are late fees and how can I avoid them?

Late fees are charges applied when a payment is not made by the due date. To avoid them, pay on time or set up reminders.

How much can late fees typically be?

Late fees vary by service or lender, but they can range from a flat fee to a percentage of the overdue amount.

Are there any ways to get a late fee waived?

Yes, some companies may waive late fees if you contact them and explain your situation, especially for first-time occurrences.

What happens if I keep missing payments?

Continuously missing payments can lead to increased fees, damage to your credit score, and potential legal action.

Can late fees affect my credit score?

Yes, late payments can negatively impact your credit score, especially if they are reported to credit bureaus.