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Detailed explanation-1: -Paying a credit card bill late is never a good move. It will usually trigger a late fee, and if you’re 30 days late, it could damage your credit score. Things get even worse when you’re 60 or more days late. At that point, your issuer will be able to impose a penalty APR, which could be as high as 29.99%.

Detailed explanation-2: -Paying your creditors late may result in an increase in your interest rate, often resetting your interest rate to a penalty (or default) APR. For credit cards, the penalty APR is often as high as 29.99%, which means you’ll pay significantly more in interest on your outstanding balance if it’s triggered.

Detailed explanation-3: -As for the question of whether a lender can charge a late fee on a late fee, you will incur an interest charge on late payment fees. That comes about since your late fee will be added to your outstanding card balance.

Detailed explanation-4: -There are three main ways a late or missed payment can impact you financially: You can be charged late payment fees. You may face having the interest rate on your card raised to the penalty rate. Your late payment may be added to your credit history and can end up affecting your credit score.

Detailed explanation-5: -Consistently paying less than the minimum payment amount can also generate additional interest rate charges on your monthly statement. High credit card balance: If you continually carry over your growing credit card balance from the previous month, your credit issuer may increase your APR.