Credit card 30 days past due will anything bad happen to me?

Question

I have a credit card that will be 30 days past due next week?
will i be sued?
i have quite a few cards and a few late payments none 30 days or more though

Answer 1

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.

Answer 2

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.

Answer 3

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.

Answer 4

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.

Answer 5

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

Answer 6

You can find the best solution for you at: CREDIT-COMPARE.NET- RE Credit Cards Past Due - Need Advice about Credit Counseling/Negotiating/Bankrup... Please!? I have approx. 40K between 4 credit cards that I had before I was married. These credit cards are in my name only, not my husband's. I have always paid my debts on time and have never been late until the past few months. I am now past due 30-60 days and now owe late fees and over the limit fees and can't even afford the minimum payments any longer. I have been basically sticking my head in the sand about my financial situation for almost 2 years and borrowing from Peter to pay Paul. My husband and I jointly have a home loan with a balance of 92K and a home equity loan with a balance of 30K. Our home is worth about 120K so we have no equity. We are current and have never been late on our mortgage loans. We live in Indiana. My husband has a car loan in his name only. It is current and have never been paid late. My husband has 2 credit cards with a balance of 11K. These are current and have never been paid late. I now only work part-time making approx. $300-400 gross per month. I am trying to also substitute teach to make more money. My husband works full-time and this is how we afford to make our mortgage payment, car payments and his credit card payments on time. We are trying our best to make certain his credit stays good. My husband has a credit score above 680. I believe mine was 640 until the last few months - now I am sure mine is terrible due to my lack of payments. I am looking for advice. I have tried to negotiate with my credit card companies and offered to send as much as I can until I can find a higher paying job/more hours. However, they are not agreeing to this and won't stop the fees/high interest rates from accumulating. I almost feel like it is pointless to send anything because my balance just gets higher after sending a payment. I definitely want to pay my obligations. I have looked into credit counseling but until I have more income, I can't afford to make the kind of payments that is required. One counselor suggested that I file bankruptcy individually but I don't know if that is a real option since I am married. My husband's credit is perfect and I don't want to risk his credit. If I can/should file bankruptcy as my only option, can I still pay back my debt - just on my own terms that I can afford? If I don't pay my credit cards, what will happen? Can they take my house or affect my husband's credit? If they sue me, will the court allow me to make payments that I can afford? I know this is a lot of information and questions. I truly appreciate your help!!! The stress of this is killing me. I am so tired of worrying.

Answer 7

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!

Answer 8

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.

Answer 9

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.

Answer 10

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.