Keep in mind, if you already have a history of missing payments (or making late payments), they will be more likely to report you after the 30-day mark.
If you are missing payments because the total payment amount is too large, you may want to consider a debt consolidation loan to reduce your total monthly payments. After the second missed payment, you will be charged another late fee of -35 and the credit card company will be more likely to report your late payment to the credit bureaus.
Imagine this: Your monthly credit card bill comes in and you get that sinking feeling in the pit of your stomach because you know your bank account doesn’t have enough money to make the minimum payment. And in those cases, the thought that runs through your mind is, “What happens if I don’t pay my credit cards?
” Below, we’ll attempt to describe all the possible scenarios that can result from not paying your monthly credit card bill and provide advice for how to handle these situations.
***After I wrote this review, the devs abused their ability to e-mail reviewers to essentially harass and pressure me into changing my review.
The system was designed so that devs could assist with technical issues and complaints, NOT for career scammers to systematically target and coerce unfavorable reviewers.***The "features" include all the weaponized toxicity of your run-of-the-mill scam dressed up as a dating app.
When you have missed a payment, your credit card company can play “hardball” and report you immediately after the 30 day window is up, or they can give you a bit of time to fix the problem before reporting it.If the steps above work, then make sure you pay the bill by the new due date (and make a plan to get out of debt so this doesn’t happen again – Ready For Zero can help).If your monthly payments are too large, sometimes a debt consolidation loan can help you reduce the total monthly payment you owe.When this happens, you will immediately be charged a late fee of approximately -35.Since late fees get added right onto your balance, it will begin accumulating interest just like the rest of your debt!Your interest rate might go up by 10% (from say, 15% to 25%) and if you still have years left to pay off your balance, that additional interest will add up to a painful amount (see our article on the Impact of One Late Credit Card Payment for more details).Of course, you could try to switch to a card with a lower interest rate, but that would depend on your credit score…But in the long run, a late fee is not the most damaging consequence of a missed payment.Let’s consider all the possible consequences: Those last two are actually much more serious than the late fee.If the steps above don’t work, then ask if they could at least hold off on reporting the late payment to the credit reporting agencies that handle your credit report.Okay, now let’s consider what happens after you have missed one payment (and remember, paying less than your minimum payment is equivalent to a missed payment).