In Russia we have this 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 everyday, 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 word for word).
What is the term for that in English? Or do you guys not have this system over there?
Is it just called a late fee? https://en.wikipedia.org/wiki/Late_fee