Keep an eye on late payment fees and credit card interest
There reasons can be many but the late payments can cost you dearly not only in short term but it can...
Credit card if utilized properly could be very beneficial for its users but on the other hand, it comes with the possibility of putting you in a debt trap. Once you start using your credit card then it really soon becomes a habit.
The problem occurs when you are not able to repay the money on or before the due date, maybe due to overspending or waiting for the last day to make the payment and forgetting about it on that day, etc.
There reasons can be many but the late payments can cost you dearly not only in short term but it can destroy your credit score as well. According to an estimate if you only pay the minimum amount payable the interest on the outstanding amount may go up to 45% annualized.
