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- I don't get it Hank! I paid them their money, I shouldn't be in here! I always did my best and always paid the credit card bill within a couple of months!
- You see Bill, that's your problem, you are supposed to pay your credit card payment within the 30 days of its cycle, but you didn't. Since you didn't pay in time, you got charged a late fee. Not only that, you saw a drop in your previously good credit score, which is being damaged by the debt you've incurred by not paying on time.
- You probably read that on a Schumer box, and yes, not paying on time will definitely affect your APR and not in a good way. Given your track record of your late credit card payments, you most likely have had a penalty APR applied to your account. The 30.24% Penalty APR is applied to your account when your credit card payment is more than 60 days past due.
- Not paying on time affects my card's APR right? I think I remember reading that somewhere...
- So what am I supposed to do?! They're gonna keep applying penalty APR until I'm drowning in debt like I am now!
- I've made some bad financial decisions, but this is ridiculous! I am in so much debt!
- Actually Bill, that penalty APR only applies until you make six consecutive minimum payments when they're due with the payment that follows the commencement of the penalty APR. You could've paid it off, but it's too late for that now.
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