Due to some financial problems, I failed to pay my credit card bill on time during COVID. I visited the bank because I did not want to get marked as a defaulter and asked an official about what happens when credit card bill is not paid. I was relieved to learn that missing the first bill payment does not make one a defaulter.
What Will Happen if Credit Card Bill not Paid?
If a person fails to pay the credit card bill for one or two months, he/she has to pay an extra fee for the default as per the terms and conditions agreed upon while availing of the credit card. Issuers impose late payment fees, increasing the overall amount due. But there are some other downsides to this that I learnt:
- Credit Score Impact:
Non-payment of credit card bills negatively affects credit scores, limiting future borrowing capabilities.
- Collection Calls:
Card issuers may engage in collection efforts, including calls and letters.
- Legal Action:
In extreme cases, creditors may pursue legal action to recover the debt.
- Card Suspension:
Non-payment can result in the suspension or cancellation of the credit card.
Get Personal Loan to Meet Your Financial Needs Instantly on NoBrokerSo this is what I learned from the bank official about what happens if credit card bill not paid on time. I hope I will not repeat the same mistake again and make all my payments on time.
Make Swift and Reliable Payments Online with NoBrokerRead More:
How to Know my Credit Card Billing Date Axis Bank?Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
What happens if credit card bill is not paid?
Rohit
1097 Views
2
2 Year
2022-10-13T18:11:35+00:00 2023-12-29T15:37:42+00:00Comment
Share