Understanding How Missed Credit Card Payments Affect You

After you’ve obtained a discharge of your debt through bankruptcy, it’s time to focus on rebuilding your credit score. One of the most important financial rules to live by is to never miss a payment. The company can report the missed payment to the credit reporting bureaus, and it could stay on your credit report for up to seven years.

However, as you’ll learn when you watch this video, there may be a small grace period. Depending on the company, the missed payment might not be reported right away. You may have up to 30 days to submit the late payment without it being reported. You can also give the company a call to see if you can get the late fee waived.

At Cutler & Associates, Ltd., we understand that debt can affect anyone, no matter how financially responsible they are. Call our bankruptcy law firm in Schaumburg at (847) 961-4572 to find out how we can help you move forward.