The term 'late fees' originally referred to penalties incurred for tardiness, a term that found its way into South Korean news during President Park Chung-hee's regime. Historical references document instances where tardiness penalties were imposed on lawmakers who arrived late to meetings, but over the years, the term has evolved beyond simple disciplinary measures. In the 2000s, it began appearing in news reports as a tool for exploiting women and controlling labor, indicating a significant shift in its context and connotation.

By the late 2010s, particularly during the real estate boom under the Moon Jae-in administration, 'late fees' gained new life as financial slang among online communities, referring to the imagined losses incurred by individuals who failed to purchase property at rising prices. As housing costs skyrocketed, expressions like 'late fee of 50 million won' surfaced, encapsulating the anxiety and frustration directed at government policies and the struggles of delayed homeownership. Despite statements from leaders like President Lee Jae-myung promising stability in housing prices, many investors are still willing to incur significant 'late fees' just to secure a property before prices soar even higher.

This phenomenon of 'late fees' is expanding beyond real estate to the stock market and other life decisions such as marriage, childbirth, and job changes, thereby creating a culture of urgency and competition. Many are now discussing the notion of 'paying late fees' to join the stock market or collect precious metals, further emphasizing the societal pressure to act quickly in financial and personal matters. In a society steeped in this 'late fee culture,' individuals feel compelled to constantly compare their timing and decisions against those of others, leading to a pervasive sense of anxiety surrounding investment and personal milestones.