Financial problems can come up easily. Almost everyone in New Jersey could one day struggle with paying all their bills. It is not uncommon to miss a credit card payment because other bills often take priority. Even if you simply forgot to make the payment, it can be a huge issue. If you forget, you can easily make the payment and probably call your credit card company to fix the issue. However, if the case is that you cannot make the payment, then you should be ready for what may happen.
According to Credit Karma, the first thing that happens when you miss a credit card payment is a late fee. The credit card company will immediately apply a late charge for every billing period you miss. This, along with the interest, will keep pushing your amount due up. As you fail to make payments, your minimum amount due will rise.
You may also see your interest rate rise. There could be an impact on other credit cards you have as well. You could see interest rates go up. You may have your credit lines lowered or cards cancelled. After the first 30 days of your missed payment, the credit card company will report it to the credit bureaus. Your credit score may take a hit. As time goes on, your score will go down.
Missing a payment has a huge effect on your credit. It creates a domino effect that can cause you even more financial issues. You should try to discuss repayment with your creditor and try to make up the missed payment as soon as possible to avoid the effects. This information is for education. It is not legal advice.
