What happens if you dont pay the minimum payment amount (or nothing at all) on a credit card?

Question

(dont worry, i'm not planning to do it, but I'm just curious as it doesnt say what will happen.......aside from bad credit)

Answer 1

If you fail to make the mininum payment or the payment all together the consequences varies from creditor to creditor depending on who you are dealing with. For the most part you will be charged a high late fee or fee for lack of payment and you APR will go up which means that you will have to pay back even more than what you already own then in regular fees and finance charges. Also this information of lack of payment will be sent to the credit bureau's and it will lower your credit score which means any other time you try to get a credit card you will have to pay high fees and when you make a purchase and they run your credit they may charge you more to have the card. Also when making large purchases like houses or cars or taking out loans in the future you may be turned down due to lack of a qualifying credit score. If it can be avoided at all I would do whatever possible to make sure you make at least the minimum payment if not pay the balance every time you get your statement. Hope this is helpful :)

Answer 2

The first thing that happens is that your interest rate goes thru the roof and they may slash your credit limit to the point where you are now over the limit with your old balance.... Then they add more and more fees and overdraft charges to it and pretty soon you will owe thousands of dollars more than you actually charged on the card. Next step your account becomes delinquent, all of this "bad" activity gets reported to the credit bureaus and your credit score sinks. Then... they close the account altogether and sell your debt off to a collection agency and/or start suing you in court, obtain a judgement and garnish your wages and/or raid all of your existing bank accounts that you have with them and with other banks... That's about all that can happen...

Answer 3

Well isn't that enough, bad credit report? Hey Gregg told me I don't know anything, but I'm here to answer your question anyway!

If you miss a payment, it might be a big deal, the CC company could change your rate, freeze your account balance, or nothing. Depends on their policies.

Answer 4

Depends on which credit card, but I heard some send Vito and the boys over to make you an offer you can't refuse.

Answer 5

Credit card companies are blood-suckers, and they will charge you anywhere from $25.00 to $35.00 for each and every late or missed payment. They LOVE it when people send in their payments late- that's where they make their money.

Answer 6

For one month - they'll hit you with late fees. Longer, and they'll report it to the credit bureaus, tack on more fees, and at some point will shut down your card.

Answer 7

Hell.

well first off they will get you for 39 bucks, then wait 30 days ding on your credit after that keeps getting worse. then say hello to high interest rates.

Answer 8

If you don't pay minimum you pay double your minimum next payment plus more int rest .

Answer 9

normal you will have to pay missed payment plus late fee and apr will go to max allowed

Answer 10

Higher interest, bad credit, collectors,etc.