What happens after you miss three credit card payments?
Missing three consecutive credit card payments can put your finances at risk in ways that are difficult to undo.
If you miss three consecutive credit card payments, the consequences escalate in a predictable manner. Your credit score suffers significantly as the issuer reports the account as delinquent at 30, 60, and 90 days past due. This negative payment history can remain on your credit reports for up to seven years. Additionally, your interest rate may increase once you reach the 60-day mark, making it even more challenging to catch up on the debt.
You could lose access to the card as availability may become unreliable during the delinquency. Furthermore, collection efforts could intensify, with the issuer escalating their efforts or offering options to get payments back on track. If the delinquency persists, the situation can become even more serious. Debt relief options should be considered, such as contacting the card issuer about hardship programs, credit counseling, debt management plans, or debt consolidation.
In extreme cases, debt forgiveness or settlement may be an option, but it comes with downsides and requires careful consideration.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
