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