Of all the monthly expenses you have to budget for — rent, car insurance, cell service — your credit card bill is one of the first to fall on the backburner. So, what happens if you aren’t able to make your credit card payment for a month? How seriously will it affect your credit score? Will you incur late fees or end up paying more in the future? If you don’t pay your credit card bill for a month, here are a few things to expect.

Late Fees

Whether you’re a few days late on your credit card payment or an entire month behind, you’ll most definitely face a late fee. If this is your first late payment and you don’t let too much time pass before making it, your credit card provider will cap the fee at a low amount — which can show up on your account as early as one day after the payment was due. However, if you continue to avoid paying your credit card bill, you will continue to accumulate late fees. Eventually, your credit card provider will freeze your account, requiring you to pay the outstanding balance and any late fees before you are able to charge on your account again.

Increased Rates

Missing a credit card payment may cause your interest rate to go up. The amount your rate increases is determined by your card issuer, and you may notice a significant change after just one missed bill. In addition, the more payments you miss, the higher your interest rate may climb. Although your card issuer must provide a 45-day notice before raising your rates, it’s your responsibility to pay your credit card bill within the 45-day window to avoid an increase.

Credit Score Penalties

Maintaining a flawless payment history is critical to maintaining a good credit score. Therefore, if you don’t pay your credit card bill for a month, your score will most likely suffer. Furthermore, if you miss your payment for many months, your account will be flagged as a delinquent account and sent to a collection agency. This will be detrimental to your credit score and potentially prevent you from opening new lines of credit or securing loans in the future.

The Financial Experts Here To Help

If you find yourself behind on credit card bills, consider contacting the debt consolidation experts at Progressive Debt Relief. We have the knowledge and experience to settle your debt efficiently, effectively, and discreetly. Moreover, we offer services for all of your debt-related needs, including debt settling, negotiation, and counseling. To find out more about our services or to set up a free consultation with no upfront fees, contact us today.