There are many reasons you should not miss credit card payments. One mistake can drag you into many hurdles for many weeks, or months or even more than that. If you make it late, your creditors might not call you the very first day but definitely they will start working behind the scene.

Consequences you face on paying late credit card payments:

• You will be charged late fee every month when your payment is late. It usually ranges from $15 to $35. Your next month bill/statement will include fee for missed/late payment.
• Interest rate will increase. Creditors often charge the default rate which is the highest interest rate a creditor can charge as penalty. When you on-time payments for six months, your card would be required to give back the original rate of interest you ad before penalty.
• If your payment gets 30-days late, the credit bureaus will be notified and an entry will be made on your credit card that would last for next seven years.
• Late credit card payments directly effects your credit score and it will get dropped. Credit history makes up 35% of credit score and on late payment, it will reduce your credit score.

Thus missing payment once directly hits your credit score, increases interest rate and marks your credit report. These are all worse consequences one is most afraid of. Anyhow, consequences on one missed payment can be controlled but for several times, it will distort your financial shape and you will be unable to handle your own situation.

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