ZCT
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Once you hit thirty days it will be reported to the three major credit reference agencies. This information will remain on your credit report for at least 24 months. It will harm your credit score and your ability to obtain credit in the future.
In addition your credit card company will assume you are getting into serious financial trouble. They will usually increase your interest rate to a 'default' rate. This rate will be insane, often over 30% APR. They will add on fees and penalties all over the place. Their goal right now is to add on as many charges as possible. They do this because they are expecting you to never pay them back. They are expecting you to file bankruptcy or consolidate your debt. So the more money they can claim you owe them the more likely they are to get something out of you down the road.
They are unlikely to get too crazy with you at this time. Although unless you control the situation you will never be able to pay them back. Once you get a couple more months behind they will probably charge off your debt to a debt collection agency. They will then start to hound you and eventually take you to court.
If you can consider doing a balance transfer from one card to another just so you can make your minimum payment. Credit card companies are evil, you don't want to piss them off. |
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Miranda M
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Pay something - it goes on your credit report for being 30 days late, then 60, then 90, etc.
Just pay something. |
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Kourtnie D
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You could be sued and face garnishment depending on the state you live in. Every state has different laws regarding debt . There is no such thing as debtors prison so nothing extremely bad will happen to you. Your credit report will take a hit and you will face higher interest rates on all of your debt. The long term effects is that you will be considered a high risk to lenders and you will as a general rule a higher interest rate and a lower credit score.
Kourtnie Donihoo
The EDA Group |
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ayal p
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i do not know which country you belong. normally they will collect late fee and no litigation initiated. if so make some small payment |
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Coolltw2003
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it might affect your credit rating and you will get a late payment added to your account, but that is about it. |
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steph
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it can hurt your credit rating.. and thats something you might want to watch out for |
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calvin o
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Nothing bad will happen until the interest and payments due reaches your credit limit, then they will send other kinds of letters to your home to demand payment. Interest and late fees accumulate in the meantime. |
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stopccdebt
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Get help now while there is still time. Once you start falling behind, it can be nearly impossible to avoid defaulting on multiple accounts. The fees and interest keep piling up while your credit score plummets.
Find a credit counselor that you can visit to discuss your budget, and your options for becoming debt free. |
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Michelle
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your credit rating will be affected. if you had a deal you have now gone into defalut and APR may be raised. they may not sue but they will relentlessly make it more expensive to get caught back up.....good luck |
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oldsoftee2001
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credit score will be higher and that will cost you more for car insurance and other things like loan interest amounts on new loans. you really need to find a way to pay your bills on time or it can eventually cost you thousands of dollars in "invisable" penalties. |
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zippythejessi
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Your credit rating will take a little beating, but the bank won't send anyone to your home or anything. |
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gabriel jones
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Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers! |
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kinvadave
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Doubt if they'll sue you yet but you will be running up an awful lot of charges and interest |
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dustiiart
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At 30 days past due you will be given a mark against your credit, one on its own isn't damaging however a mark on almost every account you have can add up to a warning sign to creditors that there is a problem.
Too many of these instances or too often and you will find your credit beginning to show the consequences of the lates. Whatever you can do to ensure this doesn't get out of control is in your best interest. You have til next week to stop this one being reported to the credit bureau...you won't be sued, just yet, but the more you get behind in payments the harder it is to catch up. The one thing you don't want is a creditor calling in your loan/credit card debt...that means you are expected to pay in full within a certain number of days usually, and if you don't then you are sent to collection...or other drastic measure they have in place to recoup bad debt.
If you are struggling to juggle several credit cards/loans, it might be a good time to look into a consolidation and get things under one manageable payment. Messing with credit can really cause problems that you'd much sooner avoid. Creditors appreciate your being on top of things, not leaving it all go til it's too late.
Don't ruin it all, you worked hard for it, hang on to it. |
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jojo
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it will appear on your credit report |
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Queen of Cards
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You are incurring late fees, interest fees, and ruining your credit. Get a debt consolidation loan and stop buying things on credit. You need to regain control of your life. Bill collectors will be calling soon if you don't. |
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Peter K
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They will charge you an heap of interest. Then they will charge you for sending you a letter telling you that you didn't pay but you knew that information already.
If you tell them you can't pay then they might try to help. It is a lot cheaper for them to get some sort of agreement with you than to get heavy with lawyers and court orders. |
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OC1999
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You won't get sued, if they did that for everyone that is 30 days late the courts would be more crowded than they already are.
You will however start to get collection calls and your interest rate will most likely go to the default(higest) rate. They will also hit your credit report as 30 days late.
If at all possible contact them and see if you can make a partial payment. If they see that you are willing to pay they may try and work with you.
If this is a pattern and with your other late payments it may be. Then it might be time to get a hold of a credit counsler before things get worse and those 30 day late payments turn into 60,90 or charge offs. |
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Nora D
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Unless you have a secured credit card that is secured against your house or other property, they can't do anything to you other than make empty threats and call 100 times a day. The bigger concern is your credit score, which you are killing by not paying. It's best to always pay at least the minimum, but if you can't do that, pay at least $1. You may not care about your credit score now, but in the future it will hurt your ability to buy anything on credit or get a loan. However, if this is a one time instance and you have an otherwise good history of paying on time, it won't hurt you too bad.
If you are having a financial crisis, often you can negotiate with credit card companies, because above all else, they want to get paid. You can ask that your minimum payment be reduced, or your interest rate be reduced. This is even more effective if you have received another credit card offer in the mail or see one online that you can threaten to transfer your balance to. (try www.bankrate.com) Ask to talk to a supervisor if you need to. They want your business, and they make more money the longer they have you paying a balance, so they more than likely will do something to make it easier for you to pay. |
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athena x15
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most likely |
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willow
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congrats
u just earned some late fees and interest charges
credit card companies r like junk yard dogs
they don't let go till u show the dough |
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