If you couldn't afford to pay the bill on time in the first place, why would a company charge you more fees?
2007-03-20 10:35:21 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
Simply because their contract with you allows them to. If you had a rental property and your renters were always late and your contract said you could charge late fees you would. So why do you think the credit card companies should be any different?
2007-03-20 11:10:08 · answer #1 · answered by ? 7 · 0⤊ 0⤋
The fees are there to prevent people from paying late or not paying at all. They work on me. I never pay late. My credit card company charges a $39 late fee.
2007-03-20 10:44:17 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋
They trusted you in the beginning and now whenever you are late with your payment they can, by law, charge you late fees. You could end up with an even higher interest rate if you continue making late payments or be denied, by other business, of opening an account.
If you are having trouble making your payments on time - then you need to contact the company and explain your situation. They will never know you're having issues unless you tell them.
Do what ever you need to do to STOP this snowball before it devours you.
2007-03-20 10:54:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋