In Russia we have a system where if you don't pay your bills on time, the service providers will keep adding on 1/130th (or something like that) of your debt every day, as a form of punishment.
In Russian, the formal term for that money (that is added on top of your debt) is "pennies" (if you translate it literally).
What is the term for that in English? Or do you guys not have this system?
Is it just called a late fee? https://en.wikipedia.org/wiki/Late_fee