From CNBC: 2024-05-30 12:22:11

Many consumers are struggling with bills, as 37% of Americans have faced late fees in the last year, according to a NerdWallet report. Credit card late fees are most common, with 21% of respondents experiencing them.

Late payments can result in serious consequences like utility shut-offs and car repossession. Experts recommend being proactive and communicating your financial situation to creditors early to avoid escalating issues.

Tips to limit late fee impact include asking for waivers, enrolling in hardship programs, and potentially cleaning up your credit report after a one-time mistake. Speaking directly to creditors and offering solutions early on can help manage financial challenges effectively.

Read more: 37% of Americans paid a late fee in the last 12 months, report finds