What are the consequences of not paying my credit card bill on time?

In Washington, failure to pay your credit card bill on time is a serious offense. If you do not pay your credit card bill on time, you are liable for late fees and possible finance charges. Additionally, your credit score and report may be negatively impacted. A lowered credit score could lead to higher interest rates on loans and credit cards in the future. Your credit card issuer may also take legal action against you in the form of collections agencies. The collection agency may take steps to recover the money you owe, including garnishing your wages or repossessing property. Additionally, your credit card issuer may report your delinquency to the three major credit bureaus, negatively impacting your credit score even further. Finally, not paying your credit card bill can lead to criminal charges. If you are taken to court, a judge may order you to pay a fine, and you could receive a prison sentence. Therefore, it is important to pay your credit card bill on time to avoid these consequences.

Related FAQs

What are the late payment fees for credit cards?
Can I use a credit card to make purchases abroad?
What is a travel rewards credit card?
What is a co-branded credit card?
How do I apply for a credit card?
What is a fixed rate credit card?
What is a penalty interest rate on a credit card?
What is a credit report?
What is the maximum credit limit I can have?
Can I use a credit card to pay bills?

What are the consequences of not paying my credit card bill on time?

Related FAQs

Related Blog Posts