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:
“If mothers are told to do this or that or the other,... they lose touch with their own ability to act.... Only too easily they feel incompetent. If they must look up everything in a book, they are always too late even when they do the right things, because the right things have to be done immediately. It is only possible to act at exactly the right point when the action is intuitive or by instinct, as we say. The mind can be brought to bear on the problem afterwards.”
—D.W. Winnicott (20th century)