The Impact of Missing a Credit Card Payment

Consequences of Missing a Credit Card Payment

We all make mistakes, but failing to pay a credit card bill could be a pretty big one. Missing a payment can result in:

• Late Fees: Credit card companies often charge late fees that add to your debt.
• Higher Interest Rates: Your interest rate may increase, making future payments more difficult.
• Credit Score Damage: A missed payment can negatively impact your credit score.

Mitigating the Damage

If you miss a payment, there are several strategies to mitigate the damage:

1. Contact Your Issuer: Reach out to discuss options for payment relief.
2. Set Up Payment Reminders: Use reminders or automatic payments to avoid future lapses.
3. Monitor Your Credit Score: Keep an eye on your credit report for changes.