why are credit card company's can charge people in North Carolina 24% for credit interest on those loans. Why cant contractors charge a client 24% late fees or 2% per month. As a Commercial Fit up GC we already have to finance labor and cost for up to 60 days with a 30 day pay term as we have the work in place prior to billing of work that was done up to 30 days prior to billing, then we are forced to wait another 30 days for the clients to process the payments or longer. but 30 is industry standard for the most part which many try to go 60 day terms but I simply close the door on the 60 day payers now as its to much of a burden to carry. If we agree to the 30 day terms which is a loan for those 30 days, why are we limited in late fees which are really interest fees. and our fees are less amounts than the credit card industry ? Do we need to reword it something different than a late fee? should we call it a loan transfer when it goes past 30 days to make it legal to get 2% per month prorated to days etc..? Is it actually illegal to charge 1.5% late fees per month, I assume which is prorated by the number of days in that calendar month to get the actual late fee total. Or is the law based on assuming this 1.5% will be the entire 1.5% if the client is 1 day late ? I appoligize if I am not clear and thank you for any input.