STEP 4: Credit Card Debt Help
Action 3: Eliminate Late Credit Card Payment Fees

Eliminating late credit card payment fees is the next step in our credit card debt help process.

I am sure we have all forgotten the due date on a bill and been late with a payment. The problem is that credit card companies are now charging substantial late payment fees each and every time. For chronic late payers, that can add up to a lot of extra debt - money you owe with NO benefit coming to you.

Here are examples of late payment fees from two companies:

Company 1:
The late credit card payment fee is $15 on balances up to $500, and $39 on balances over $500.

Company 2:
The late payment fee is $20 on balances up to $100, $29 on balances of $100 up to $1,000, and $35 on balances of $1,000 and over.

That can really add up quickly!

Credit Card Debt Help Tip: Ask for your late payment fee to be waived.

Most people don't realize that late credit card payment fees can be reversed by the card company if you call them and ask. It is best to call them ahead of time, if you know you won't be able to make your payment on time. Ask if they can give you a grace period without charging you the late fee. If they say yes, make sure they document that fact on your account and get the name (and ID number if they don't give you their last name) of the person you have spoken with.

If you are late with a payment and have not notified the credit card company in advance, call and ask if the late payment fee can be waived for you this time. They may actually do that if your card is in good standing. Again, make sure you get the name of the person you spoke with, just in case there is a mixup and you need to speak with them again.

Eliminating late credit card payment fees is just one step in our Debt Ditch Plan. For the next of our debt reduction solutions, click here.