A sum of money that I pay as a punishment for skipping the debt's due date.

web996his360

Hello Dear All

I wonder if there is any word that means a sum of money that you have to pay as a punishment because of there is a debt that has been expired and you missed the due date, I mean that you are supposed to pay that another sum of money accordingly such as by how many days you have skipped it over.

'Fine' might be a word for that situation, but I'd prefer another word more likely specialist. Thanks!

pop00123

For example, when you miss the due date for your credit card bills, the bank will charge you a 'late fee' according to how many days late your payment is.

'Fine' is for a violation of terms, rules and laws.
If you are just late to pay your bills, you are not 'breaking the rules', you are just paying more for your bills.

citizenkane

late fee, late charge, late payment fine.

combinations of those exist, usually with a time element.

"interest payment" etc.

dc1024

penalty fee, extra fee... just make up a name.