Comments on: Why a $117 Late Fee Won’t Stop Late Payments

By: ihatecc companies

ihatecc companies — Sat, 11 Jul 2009 03:06:41 +0000

The credit card companies don’t do it teach lesson the ceo’s don’t want to give up their million dollar bonuses

By: LAmoneyguy

LAmoneyguy — Thu, 08 Jun 2006 22:27:17 +0000

When I worked for a bank, I was shocked to hear the term “fee income” and discover that it was a large part of the bank’s revenue. Of course, at the branch level, the fee income was check bouncing fees, monthly acct fees, and ATM fees. All fees that hit smaller account holders especially hard.

By: Tiffany Sanders

Tiffany Sanders — Thu, 08 Jun 2006 17:54:40 +0000

You pointed out that credit card companies didn’t intend late fees to “teach you a lesson”–that’s definitely true. Late fees account for such a significant portion of the credit card industry’s revenues that several major banks are admitting that a recent shift toward more timely and larger payments is creating something of a crisis for them.

The effort to avoid late payments also offers a source of revenues for most credit card companies, which charge fees to expedite a payment online or to process a payment by phone.

“Pay your bills on time” is definitely NOT a lesson the credit industry wants you to learn!

Bankruptcy

By: SkyeBlue

SkyeBlue — Thu, 08 Jun 2006 12:20:47 +0000

I’ve had really good luck with getting due dates changed, interests rates lowered, one time even having a creditor remove some negative info from my credit report, motel room rates lowered, and even things like getting a magazine I subscribe to at lower rates when I want to renew a subscription just BY ASKING!

By: Anthony Lewis

Anthony Lewis — Thu, 08 Jun 2006 02:54:03 +0000

This is even more frustrating for me since I only get paid once a month. Changing due dates is a must.

I found out recently that you can sometimes get the due date changed on your utility bills, too.

By: Stock Mama

Stock Mama — Wed, 07 Jun 2006 23:18:45 +0000

What irritates me are the department store credit card bills that come in a week or so after the first of the month and are due a week or so before the end of the month — some are due within days of their delivery! It’s like they designed that just to catch people who are used to throwing all their bills in one pile and paying them once a month, just as we all are paid. There was a time when you could all your bills on the first of the month. Doesn’t seem that way any more — now you have to open them all when you get them and take care of them immediatly or you get dinged. At least most of them will let you choose a different due date.