What happens if I do not pay my credit card?

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Having trouble covering the minimum credit card payment? The unknowns “what happens if I only pay the minimum of my credit card” and “what happens if I do not pay my credit card” have triggered a cycle of studies in this regard.

In fact, a survey conducted by Defense of the Debtor, SC, indicated that a total of 7 out of 10 people cease to pay their minimum payment for loss of employment, decrease in sales or other eventualities. If you are in this group of people, then read on!

What is the minimum payment of a credit card?

What is the minimum payment of a credit card?

The balance at the cut is the current debt you have with the bank; It is common that when asked what the minimum payment is, confuse it with the balance at the cut. But the minimum payment Bancomer credit card or other entity is a small amount that you must pay per month.

Of course, the minimum payment is a lower fee than the cut-off balance. So it is recommended that you be very attentive when canceling your minimum payment so as not to generate interest (you can rely on a minimum payment calculator or another tool to calculate credit card interests).

What happens if I don’t pay a credit card?

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Now: What happens if I don’t pay my credit card on time? Notice:

  • The first thing that will happen is that your phone will not stop ringing for calls to charge you.
  • Your credit history will be affected because your reputation against the credit bureau will be crushed, reason enough to stop wondering what happens if I do not pay the credit card for a month.
  • If in the future you want to acquire a house through a mortgage loan, this will be complex given your references to your credit history.
  • If you are going to apply for a loan at another bank, they will impose a higher interest rate because they will take you as a high credit risk client.

Additional tips

Previously, we answered your main question “what happens if I don’t pay the credit card to the bank”. Now, see how you can prevent this from happening:

  • Keep track of your cats so you have an understanding of how much you would have to pay at the end of the month.
  • Although it sounds very difficult, do not overdo it with your compulsive purchases.
  • If you do not know how the interests of a credit card are calculated, you can rely on an online calculator on the same website of the bank or with a credit card payment simulator. The important thing is that you take care of the minimum Banamex credit card payment or the payment of another entity.

Remember to keep track of your outstanding Excel balances to detect when you are over the deadline and thus prevent interest benefits from being applied to the total debt and, on the contrary, apply to the outstanding balances.

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