What could happen if you pay your bills late depends on the type of bill, the creditor and your credit contract. Read all of your contracts carefully to learn what will happen if you pay late or if you don't pay at all.
For example, if you do not make a loan or credit card payment on time, you probably have to pay interest, and perhaps also a late fee. The amount of the late fee depends on your credit agreement and the type of credit used.
When you miss a credit card payment, most companies charge you interest for the amount of time that it took you to pay your bill.
If you miss a payment on your telephone or utility bill, you could have your services cut off. You will then have to pay the full outstanding amount, plus interest, plus a reconnection fee, to get your services reconnected.