What Happens If a Credit Card Payment is Missed?
If you're trying to balance a half-dozen bills, each with a different due date, and you haven't yet set up autopay, it can be simple to forget to pay your credit card. Unfortunately, there can be significant financial repercussions from skipping a credit card payment.A late payment's consequences are determined by its lateness and your credit card's rules. You run the danger of losing money from late payments, paying penalty interestConsequences of delaying Credit Card PaymentsYou are assessed a large late fee.Customers are assessed a late fee by the credit card company when they don't pay their payments by the deadline. The subsequent credit card bill will include this late fee. The number of days you delayed the payment, your previous history of Limit reduction on your credit cardYour bank may lower the credit limit on your card if you frequently forget or postpone making your credit card payments. This limits your ability to spend money.A higher interest rate will apply to any unpaid credit card balance.The interest rates on your unpaid debts rise if you don't pay your credit card bill by the due date or earlier. All transactions you make with the card as well as cash withdrawals made after the due date are subject to the higher interest rate.For more information refer to: https://cardinsider.com/blog/what-happens-if-a-credit-card-payment-is-missed/