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Missing a credit card payment can happen from time to time, but whether it’s your first time, or maybe you’ve had it happen before, you’re probably wondering what the worst thing that can happen if you do miss a payment with your credit card company.

First off, you won’t want to worry too much if it is your first time doing it.  If you’ve had this credit card for a long time now, the credit card companies more than likely won’t do anything if you send in your payment within the next few days.

The first thing that you should do is call them up and explain your situation.  The key here to remain honest and calm.  Tell them that you missed your payment and you’re sorry for doing so.  If you’re a good customer, they will more than likely refund you the late fee and will let it slide.

Now, if this is the 50th time that it has happened, you’re not going to get anywhere.   Since you have a history of doing late payments, the credit card companies won’t help you in this regard and will more than likely slap that late fee onto your bill.

Whats the worst thing that can happen with my late / missed payments?

If you continue to not pay your bill and let them add up over time, the credit card company is eventually going to give up.  What they are going to do is more than likely keep your card account opened for 6 – 12 months and will try to contact you in the meantime.

They may sell off to a third party

If you do decide that you want to ignore them, they are going to sell off your debt to a third party.  Once this debt is sold off to a third party, you’re going to find that you’re going to get harassed to no end.  This is something that you don’t want.

You could get a letter from the courts

Now, after the 3rd party ignores your wishes, you’re going to find that they may throw a court summons your way.  Again, once something like this comes, you won’t want to ignore it since it deals with the court system.  If you fail to show, they will more than likely garnish your wages.

If you do decide that you want to pay after a couple of late payments,  they will more than likely tack on fees, as well as increase your interest rate.

As you can see, its fairly important that you keep your payments up to date.  If you fail to do so, all of the above can happen to you and trust me, its something that you don’t want!