What happens if you don't make the minimum payment on a credit card?

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asked Jan 25, 2018 in Other-Finance by Trismus (230 points)
What happens if you don't make the minimum payment on a credit card?

If you can't make the minimum payment on your credit card will it lower or hurt your credit score and credit rating?

1 Answer

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answered Jan 25, 2018 by Judy (56,120 points)
If you don't make the minimum payment on your credit card your credit card balance will just get higher and higher and higher and you'll have a hard time paying the credit card off.

Plus you'll likely get a ding put on your credit score and credit report and you'll pay higher interest the less you pay on your credit card if the minimum payment is not made and you risk getting your credit card account closed and then sent to collections.

Only take out credit cards if you know you'll be able to at least make the minimum payment otherwise stay away from credit cards as they can harm your credit rating if you don't use them responsibly and make the payments.

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