what is fair interest to charge on an overdue acount?
 

curious - what is fair interest to charge on an overdue account?

no interest
1% per month
2% per month
3% per month
4% per month
5% per month
6% per month
7% per month
8% per month
9% per month
10% per month
more

I'm inclined to charge 4%....


thoughts?

I'd say what I typically see on invoices I get is something like 3-4% past Net 30 terms.

If the invoices are typically for smaller amounts I like to do something closer to 10% per month.

what's a small amount?

I would agree 3-4% is good for 30 days past due.

But then bump to 6 or even 10% for 30-90 days.


Beyond 90 days you should send the leg breakers around for a visit :winkwink:

i would say 2-3%. but seriously, i dont know the standard.

yes that sounds about right. without all the leg breakers. lol

http://thomasanderson89.tripod.com/goodfellas3.wmv

:thumbsup :1orglaugh

I believe 5% is the legal maximum (60% annually). I typically charge 1.5% per month or 18%. Basically making it comparable to a credit card debt.
WG

Most I have been able to charge is 2% per month or 24% per year. Already listed in the contracts of course. Since I can not just add interest to an agreement at a latter date because I feel like it.
I have been told any much more and it would count as usury in my state.

fixed or adjustable?

lolllllll Pimpdog pay the man

i've always just done what i feel like in business

Send Johnny Kneecaps instead.

:winkwink:

:1orglaugh