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 date the end of the old republic and the birth of the empire to the invention, in the late thirties, of air conditioning. Before air conditioning, Washington was deserted from mid-June to September.... But after air conditioning and the Second World War arrived, more or less at the same time, Congress sits and sits while the presidents—or at least their staffs—never stop making mischief.”
—Gore Vidal (b. 1925)