Banks Love ‘Late Payment’ Credit Card Holders

Banks love us making ‘late payment‘ mistake. It’s the classic debt trap for millions of credit card holders, and the banks are living off our mistakes.

Late fees, over-limit charges and triggered hikes in interest rates are debt traps for us.

Watch out for mails from banks that offer: rates “may increase … if we do not receive the minimum payment due … or you exceed your credit line.” Late payments can trigger default rates as high as 30 percent.