Didn’t you pay your credit card on time? These are the consequences.
Las Credit cards they are a useful tool when shopping online or when there is no cash to pay; however, they should be used judiciously, as default on payments can bring negative consequences.
Keep in mind that when acquiring a credit card, the ideal will always be to pay before the deadline established in your bank receipt, however, in some extreme occasion, such as a medical emergency or unexpected expenses, you may not pay time the card and the consequences of doing it a day after the date are several.
What happens if I don’t pay my credit card on time?
If for some reason you could not cover the amount you owe before the payment deadline, your debt with that credit card will increase, as well as the percentage of interest that increases daily.
In the event that when the deadline arrives, you cannot pay even the minimum amount, the bank will contact you from the next day to remind you that you have to pay off the debt. If after 72 hours you still do not pay what you owe on the credit card, the banking institution will suspend the use of bank plastic until you do not make at least the minimum payment.
And that’s not all. If after 30 days you still do not make any payment of what you owe on your credit card, the bank will make collection calls several times a day, and if you still do not pay off the debt, the banking institution will share your bank details with the offices collection.
Keep in mind that by not paying what you owe on the credit card, there will automatically be a negative report in the Credit Bureau that will affect your financial reputation before the banking institutions and companies that consult your credit history and will deny you future credits.
What options do I have to avoid getting into more debt?
In the event that you cannot pay what you owe on the credit card, it is your obligation to approach the account executive of the bank to which you owe to explain the situation that you are going through and that prevents you from paying off the debts.
The banking institution will provide you with solutions such as freezing the debt so that it does not continue to generate more interest, or reduce the amount of the debts, but it is always important that you be honest with the banking institution and that you commit to fulfill what that you agreed with the bank.