Consequences of Late Credit Card Bill Payments
Paying credit card bills late is not a good habit
Late payments will incur high interest burden
Late fees will be charged if bills are not paid on time
These are expensive and will further increase if payment delays continue
Agents may call frequently to settle the bill, putting a strain on your personal life and mental health
Late payments prevent the possibility of increasing interest rates, while timely payments can save you money in the long run
The company may take legal action against you, wasting valuable time and incurring additional costs, which can adversely affect your financial future
Dues should be settled on time through automatic payments
One advantage of timely payment of dues is that card companies can increase your credit limit
Also, it improves your credit score