What Happens When You Miss Your Credit Card Payment?

Life can get pretty busy, and sometimes things slip through the cracks.

Missing a credit card payment could happen to anyone, but it’s important to know the ramifications.

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What happens when you miss a payment?

Missing a payment can have a number of effects on your financial life.

This will be a one-time payment so long as you don’t miss further payments.

If you do, you’ll be charged a fee for each late payment.

you’ve got the option to avoid paying interest charges by making your payment before this period ends.

Missing a payment could also result in losing any introductory APR your credit card may have.

Does missing a payment affect your credit score?

Missed payments could stay on your credit report for up to seven years.

Your credit score will drop more or less depending on how high it was originally.

Missing payments will lower yourcredit score, increase your interest rates and result in fees.

What happens if you never pay your credit card?

For one, your credit score will drop even more than if you missed a couple payments.