What happens when I miss a credit card payment?

If you miss a credit card payment in Illinois, you will be subject to a late fee. The amount of the fee can vary and is often determined by the card issuer. Additionally, you may also be charged an interest rate that is higher than the original APR (annual percentage rate) of the credit card. Most credit card companies will report your late payment to the credit bureaus as well, which can impact your overall credit score. If you make a habit of missing credit card payments, you will be in danger of going into default. This means that you are no longer making payments on the credit card and the account is closed. While the account is still active, you may be charged additional fees, such as over-the-limit or return payment fees. You may also be subject to collections activities, which can lead to legal action and/or wage garnishment. It is important to make payments on time in order to avoid any of the penalties associated with missed payments. If you are having trouble making payments, contact the credit card issuer immediately to discuss payment options.

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What happens when I miss a credit card payment?

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