Watch out for the Late-payment Gotcha!
3) Description: Late fees can wreck havoc on a household budget.
You might not see the immediate impact of paying your bills on time, however, you will see an immediate impact if you don't.
Late fees often start at $25 and can easily be much more than that. Beyond the initial smack, the potential of a destroyed credit history will quickly loom. Universal default has played a role in many a interest rate hike and continues to apply pressure to household budgets that fall behind in even one payment, even for a brief period, on their payments.