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.
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Famous quotes containing the word late:
“I was not unemployed in my profession by the late John Jacob Astor; a name which, I admit, I love to repeat, for it hath a rounded and orbicular sound to it, and rings like unto bullion.”
—Herman Melville (1819–1891)