A recent report reveals that 37% of Americans have incurred a late fee within the past year.

• In the past year, nearly 37% of Americans have incurred a late fee on a bill, as stated in a recent study by NerdWallet.
• NerdWallet's travel and credit cards expert, Sara Rathner, stated that late fees are only one of the consequences of making late payments.

Many consumers are finding it hard to keep up with their bills.

In the past year, 37% of Americans have received a late fee on a bill, according to a recent study by NerdWallet.

In early April, NerdWallet surveyed 2,061 U.S. adults and found that credit card late fees were the most common, with 21% of respondents incurring at least one. Utility bills and rent were also common sources of late fees, with 10% and 8% of respondents being charged, respectively.

NerdWallet's travel and credit cards expert, Sara Rathner, stated that late fees are only one of the consequences of making late payments.

Hiring your own kids this summer could earn you a tax break. Using cash instead of a credit card may be more advantageous in certain situations. The high cost of groceries may soon be alleviated for consumers.

If you miss the payment deadline on a credit card or loan, you may be assessed with a late fee, but it typically won't appear as a black mark on your credit report until 30 days have passed, according to Matt Schulz, the chief credit analyst at LendingTree.

Experts suggest that falling behind on payments can have severe consequences, including utility service shut-off and immediate consequences like car repossession. If payments are not made within 30 days, the situation can become even more serious.

It's better to confront financial difficulties directly rather than waiting, according to Schulz.

To minimize the impact of late fees and collaborate with creditors during challenging times, such as job loss or financial difficulties, consider these strategies.

'Speak directly to you creditors'

It is advisable to "directly communicate with your creditors before falling behind on payments," according to Greg McBride, chief financial analyst at Bankrate.com.

As you progress, the number of options decreases, he stated.

Contacting your servicer early can help avoid bill payment issues.

If you contact them early, you will have more flexibility to explain your situation and negotiate a resolution, he said.

Offering a solution in difficult situations can help make conversations smoother, as Schulz stated.

1. Ask to waive a late fee

According to Schulz's book, "Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life," cardholders can request their card company to waive a late fee the first time they miss a payment.

McBride stated that the less often a waiver is requested, the more likely the lender will offer it.

If you have a financial issue and there's a high chance you will pay late again in the near future, inform the lender, advised Schulz.

"Going to the lender every other month and asking for a waiver for being late is different from explaining the reason for being late, such as a medical emergency or job loss," he stated.

2. Enroll in hardship programs

Most lenders offer hardship programs that can help consumers temporarily reduce interest rates and waive fees if they realize their payments are becoming harder to meet due to an unexpected life event such as a layoff, as Schulz wrote in his book.

McBride explained that the key is to take advantage of opportunities that are designed to help you recover.

He stated that running away from the issue and getting further behind only restricts your choices.

3. Ask about cleaning up your credit report

A single late payment can negatively impact your credit score by as much as 100 points, based on other factors in your credit history.

Experts advise that if you made a one-time mistake and missed a payment, you can contact your lender to request that the late payment be removed from your credit report. However, lenders may not be receptive to this request as it can make their data less reliable for future credit transactions.

Schulz stated that a credit report is merely a compilation of data points indicating an individual's ability to repay debts. If lenders selectively choose which information is included in the report, the data becomes inaccurate, hindering their decision-making process.

Businesses, not consumers, are the main customers for credit reports, as these reports are designed to aid businesses in making lending decisions, according to Schulz.

If you have a "spotless history" but find yourself in an unusual situation, you can still approach the lender and explain what happened. For instance, if you paid late due to a natural disaster, it's worth asking for leniency.

"Weird life circumstances happen to everybody," he said.