Real Penalties Behind Paying Your Credit Card Bill Late

Constantly making late payments may be a sign that you’ve become overwhelmed by your debt. It’s an expensive mistake, and if repeated, it could cost you a lot of money. Why? Because the Consumer Financial Protection Bureau has increased the maximum fee.

So, if you pay late once, your credit company can charge a maximum of $27 as a fee. But beginning in 2017, card companies can charge up to $38 for the second late payment.

Do whatever you have to do to pay your bills on time.

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