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4 Things Happen When You Pay Late1. Your creditor will charge a late fee. Your next billing statement will include a fee for the late/missed payments. Late fees typically range from $15 to $35. You'll receive a late fee each month your payment is late. 2. Your interest rate will increase. Creditors don't just penalize you with a fee, they'll often increase your interest rate to the default rate. This is the highest interest rate charged by a creditor usually as a penalty. The higher ...
Updated 12-28-2010 at 02:40 PM by sdfinch
A friend of mine has complained for a couple of years about being "broke", even though he and his wife make over $200k a year between them. So I've shared a few tips found on this site (thanks everyone!) with him, and they've been cutting down on their debt this past year. I asked him the other day how things were going, and was thrilled to hear they have paid off a couple of credit cards and will pay off a couple more by next year. However, he still complains that they ...
Updated 12-16-2010 at 05:29 PM by Magic69
First of all, having my own blog on this site is kinda cool. So for my first post I want to mention the one thing I think is the most critical to maintaining good credit for life. Don't over-extend yourself. What I mean by this is that it is our natural tendency to spend everything we can once we are approved for some credit, using the (flawed) logic that if the creditor approved me, that must mean I can afford to spend the money. But that thinking is so incredibly ...
Updated 12-08-2010 at 11:40 PM by Magic69
Blogs are a new feature here at CreditForums.org and I figure I might as well try it out myself. I think this could be a great way for our community to share ideas.
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