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Late Payment Fee
Explanation:
Fee assessed when your credit card or loan payment is past due. Late payments may also result in an increase of your Annual Percentage Rate to the Default APR.
Our Thoughts:
Your credit report may reflect late payments, so it is important that you pay your bills on time! Arrange to have your minimum monthly payment transferred monthly from your bank account to your creditors. Late payments can send your account into default, which will have a negative impact on your credit rating.