What Happens if I Don't Pay My Credit Card Bill?
It's that time of the month -- the time when that statement from your credit card company arrives, and you're dreading the idea of opening it. If you made the mistake of racking up what you know is a hefty credit card balance, you're not alone. Countless Americans fall victim to a similar fate month after month, and when they do, they're left wondering how on earth they're going to tackle that whopping bill.
Now you may be thinking: Well, if I can't cover my credit card bill, I just won't pay it. But that's a major mistake. There are several repercussions if you don't make your credit card bill payments when they come due. First, a late payment will affect your credit score. Secondly, if you only make your minimum payment, you'll accrue interest on your remaining balance that will end up costing you more in the long run. That's why you should always aim to pay your credit card on time and in full -- even though that's often easier said than done.
IMAGE SOURCE: GETTY IMAGES.
Source: Fool.com
