Beware of the 'universal default'

Melina paid one credit-card bill late. She tucked the bill in her purse around Thanksgiving but forgot to mail it, then sent it about a month later when she needed to use that purse again.

She mailed the bill in, paying more than five times the minimum amount due.

She was worried about the card's interest rate rising because the issuer had that as a penalty for late payments but believed she could sweet-talk her way out of it.

She was prepared for a late charge — figured she owed it — and thought that would probably be the end of it.

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