Not Paying Credit Cards – A Timeline to Avoid

MoneyTips

By Sandra Parsons

With so many bills and so many due dates, you may sometimes be tempted to let a credit card payment slide until payday. Our advice? Don't do it. Here's what happens when you start missing credit card payments.

When your payment is 1-29 days late

When you fail to make your minimum credit card payment by the statement due date, it's considered late. This is true even if it's late by just one day. You might think a day or a week is no big deal, but even a minor slip-up can have the following consequences:

Late fees – If you miss a minimum payment, you can expect to be charged a late fee to the tune of $15-$40 dollars. This fee will be applied to your next statement.

Increased interest rate – If you miss a payment, your credit card issuer may increase your interest rate. If you currently enjoy a low introductory rate, you can kiss that goodbye. If you're pa...

from MoneyTips https://www.moneytips.com/not-paying-credit-cards-a-timeline-to-avoid