Article: Avoiding Loan Penalties
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Avoiding Loan Penalties
Have you ever been late on a loan repayment? It seems that just at the time that you need it least, banks and other lenders slap hefty charges on your account. This is the last thing you need, especially when you?re finding it difficult to keep up with your repayments. It?s like a spiral, you?re late on a payment, so you get a late fee, then the fee makes it harder to meet your next payment so you get another late fee, or a late fee from one of your other accounts. Before you know it all your money is going on late fees instead of on the payments themselves.
So how do you deal with this situation?
Well the first thing to know is that you can never be charged a late fee for being late on repaying an existing late fee. For example, suppose you owe $100 on a cr...
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