What happens when I miss a credit card payment?

If you miss a credit card payment in Indiana, there are certain consequences. Depending on the terms and conditions of your credit card agreement, you could be charged a late payment fee. Most credit card providers will assess this fee as soon as you are 15 days past due. You could also be charged interest on the amount due and this will continue until you make the payment. Your credit score will potentially take a hit. Missed payments are reported to the major credit reporting agencies, which could lower your credit score. A lower credit score could make it more difficult for you to get approved for credit cards, loans, and some types of insurance. It is important to speak with your credit provider as soon as you can if you are unable to make a payment. Credit card providers may be able to work out a payment plan or reduce the interest rate for a period of time. However, if you fail to make payments for a period of time, you could face more serious consequences such as debt collection activity, legal action, or even bankruptcy.

Related FAQs

How can I lower the interest rate on my credit card?
What is a credit limit?
How do I dispute unauthorized charges on my credit card?
What is a chargeback?
What is the difference between a secured credit card and an unsecured credit card?
What is a credit report?
What is a statement credit?
What is the Fair Debt Collection Practices Act?
What is a Fair Credit Billing Act?
What is a minimum payment on a credit card?

What happens when I miss a credit card payment?

Related FAQs

Related Blog Posts