June 16, 2006, Newsletter Issue #20: About Late Fees

Tip of the Week

What are late fees? A late fee is a fee charged by a creditor when you do not pay your bill by the due date. Just about every company you do business with from your neighborhood video store to your electric company charges late fees. Pay your cable bill late, and you'll get socked with a late fee. If you pay so late that your service gets disconnected, you'll get hit with a reconnect fee.

Most people gripe the loudest about credit card late fees because those are some of the highest charged, some running as high as $39. So if you think you can't afford paying your bills on time, try adding up how much you pay in late fees each month. You could save yourself as much as $100 to $200 a month depending on which bills you're paying late.

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