Late fee that costs Americans more than $3 billion

• According to a report by NerdWallet, more than a quarter of Americans have made a late credit card payment. The report also found that delinquent credit card payments have increased 22% in the last four years.
• Based on NerdWallet’s analysis, those late payments amount to more than $3 billion in fees — not including interest charges from carrying a credit card balance.
• Beyond costing you money, late credit card payments can lead to higher interest rates and can lower your credit score.
• There are several ways to avoid credit card late fees, from enrolling in auto payments to choosing a credit card with no late fees to using a service like Mint to keep track of payment dates.
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A recent report by NerdWallet found that 26% of Americans have made a late credit card payment (30 days late or more) in 2019. By NerdWallet’s calculations, that amounts to more than $3 billion in late fees alone. The report also found that delinquent credit card payments increased by 22% from 2015 to 2019.

Even with the best of intentions, it’s easy to miss a credit card payment date — especially if you have several credit cards or are simply busy. You could also be charged a late fee even if you’re fully aware of the credit card payment due date but aren’t able to make the minimum payment amount.

But beyond costing you money in the form of late fees, late credit card payments can have adverse effects on your financial health. 

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