Late fees refer to charges that are assessed when a borrower fails to make a required payment by the due date.

Late fees are typically associated with credit cards, loans, and other forms of credit, and are designed to incentivize borrowers to make timely payments.

The amount of a late fee can vary depending on the lender and the type of credit product but is generally a percentage of the amount due or a flat fee. Late fees can accumulate over time, making it harder for borrowers to pay off their debt, and may also negatively impact their credit scores.

It is important for borrowers to understand the terms and conditions of their credit agreements and to make payments on time in order to avoid late fees and other penalties.