Question:

What to do if I get unfair late payment charges?

Answer:

Unfair late payment charges occur mostly with credit card debt. You were late two days or went beyond limit and there you go - late fee of over $30 and additional interest added to the balance. If this happens once, it is ok, but if they continuously keep charging you late fees for making the due payment at 4 pm, rather than by 2 pm, don't let the banks harass you.

Perhaps, if you call the bank and ask them to remove a late payment charge, they will do it once. However, it is not acceptable that you pay for an expensive pay-by-phone service and then end up charged late fees again. If the credit card company continues with unfair charges, try talking to a manager, and then to someone the next level until your problem gets solved. The thing is, they are unfairly changing your rate from 0% to 15% the moment you are late the slightest.

Fortunately, this can't happen that easily with mortgage payments. Late payment charges on mortgage payments are charged after the 10 or 15 days grace period.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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