Late fees are charged when payment is not received by a deadline. These are supposedly intended to get people to pay rent or other charges on time, but these are sometimes exorbitant, or extremely out of proportion to the amount of money which is late. They can also add insult to injury for people who have hit hard financial times, making their situation worse. When added to credit card bills or check card statements, it may also cause an overlimit or NSF fee, creating an endless and inescapable cycle of fees that trigger other fees for people aleady stretched to their financial limit.
Read more about this topic: Fee
Famous quotes containing the word late:
“I have seen in this revolution a circular motion of the sovereign power through two usurpers, father and son, to the late King to this his son. For ... it moved from King Charles I to the Long Parliament; from thence to the Rump; from the Rump to Oliver Cromwell; and then back again from Richard Cromwell to the Rump; then to the Long Parliament; and thence to King Charles, where long may it remain.”
—Thomas Hobbes (1579–1688)