EFFECTS OF HABITUALLY PAYING RENT LATE
With typical late fees, you could be spending $5-$10 per day on late fees! That is potentially hundreds of dollars yearly wasted in late fees.
When you decide to move, and rent somewhere else, typically a landlord will check with your current landlord to see if you are a good paying tenant. When your ledger reflects late fees every month, that may disqualify you.
If you have an outstanding balance every month, you are susceptible to eviction.
BUYING A HOUSE
When you decide to purchase a home, loan officers will verify rental history just like a landlord will. Having late payments by just one day, could disqualify you! Don't let late fees stand in your way of being a homeowner.