A "Late Payment" occurs when a payment is not made by its due date. This can happen with various types of bills, such as credit card payments, utility bills, or loan repayments. Late payments can lead to additional fees, increased interest rates, and potential damage to a person's credit score. Businesses often have policies in place to handle late payments, which may include sending reminders or charging late fees. Consistent late payments can result in more severe consequences, such as account suspension or legal action. It's important for individuals to manage their finances to avoid these issues.