What happens when I miss a credit card payment?
If you miss a credit card payment in Tennessee, you can be subject to late fees, which typically range from $25 to $35. In addition, your late payment will be reported to the major credit bureaus. This will hurt your credit score, making it more difficult to obtain additional credit in the future. The creditor may also take additional measures if you continue to miss payments, such as raising your interest rate or putting a limit on the available credit. Over time, the unpaid balance can accumulate additional interest and fees, increasing the amount you will ultimately owe. The best way to avoid the consequences of missing a credit card payment is to make sure you stay on top of your finances and pay your bills on time. A good way to ensure that happens is to set up automatic payments from your checking account, or to use online bill payment services. Additionally, make sure to track your spending and credit usage so you always know what you owe and when it is due.
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