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.

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What happens when I miss a credit card payment?

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