Chapter 101: Late Payment Penalties - The Basics
So, you've missed a payment. Congratulations, you're in debtors' prison! Don't worry, we'll get you out of this mess, but don't expect any sympathy from us.
First off, let's talk about the basics. Late payment penalties are like the loan processor's version of a fine. They're like a big fat fee for being late, but not so big you can't pay it off... or can you?
Here's the lowdown:
- Interest accrues. Like, it's like a big ol' snowball that just keeps rolling.
- Late payment fees. These are like the loan processor's version of a 'I'm gonna get you' tax.
- Overdraft fees. Because who needs overdrafts, right?
But wait, there's more!
And by 'more,' I mean more fees. Like, you're gonna need to pay for the privilege of paying late, too.
These are just the basics, folks. There's more where this came from, but don't get too excited. This is just the tip of the iceberg... of debt!
For more advanced late payment penalties, click here for the next installment of this thrilling series.