What happens when I miss a credit card payment?

If you miss a credit card payment in Delaware, then the company you owe the money to can take a few actions. First, they will likely add a late fee to your existing balance. This fee can range from $25 to $35 depending on the company. Second, the company can also increase your interest rate, which means that you will have to pay more money in the future to make up for the missed payment. Finally, if you miss enough payments then the company may report you to the credit bureau and consider taking legal action against you. This can result in a hit to your credit score and may make it more difficult for you to get other loans in the future. If you find yourself missing payments, it’s a good idea to contact your credit card company as soon as possible to discuss the situation. Many companies are willing to work with you to reduce the amount of money you owe or provide you with a payment plan that works for both parties. Additionally, you may be able to consolidate your debt into a single loan that has a lower interest rate or longer repayment period, helping to make your payments more manageable.

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What happens when I miss a credit card payment?

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