Missing credit card payments repeatedly could mark you as a credit card defaulter and can impact your financial withstanding. Defaulting on your credit card payments could be either due to circumstances beyond the control or unintentionally missed payments.
Loss of a job, medical crisis, or business failure are some of the reasons when, even a seemingly manageable debt such as credit cards, goes out of control. In fact, credit card debts are usually the first to get out of hand in such situations due to hefty finance charges, late payment charges, and other penalties. Alternatively, forgotten due dates or cash flow issues may lead to unintentionally missed credit card payments. But what happens when this continues for months? Here we will talk about what counts as credit card default and the circumstances you are likely to face when you default on your cards.