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Credit card debt has been ballooning in recent years, and when you look at today’s rate and economic environment, there’s really no question as to why. With the average credit card interest rate hovering above 21% and inflation quietly stretching budgets even further, things have gotten pretty tough in terms of finances for a lot of Americans. As a result, more people are struggling to fit both their debt payments and their essentials into their budgets, resulting in an uptick in delinquent credit card payments.
But missing even one payment can trigger late fees and a rising balance, making your card debt a lot more expensive — and that’s just the beginning. Once you’re 30, 60 or even 90 days late, the stakes are much higher. Your credit score can take a hit, your debt could be sold to a collection agency and you might even be facing legal action at some point down the line. But despite the possible consequences, you still have options, and the earlier you act, the easier it is to fix the situation.
And, knowing what to do at each stage of delinquency can make all the difference, whether your payment slipped through the cracks or you’re struggling to keep up due to a job loss, illness or another financial setback.
Take steps to get rid of your high-rate credit card debt now.
Behind on credit card payments? Here’s what to do
If you’ve fallen behind on your credit card debt, here’s how you can start to fix the issue before the damage spirals out of control.
If you’re 30 days late: Act fast to minimize the impact
At 30 days past due, your credit card issuer will likely charge a late fee — usually around $30 to $40 — and increase your balance with accrued interest. That, in turn, can add to the already high costs of your credit card debt.
But here’s the upside: Most issuers won’t report the late payment to the credit bureaus until you’re more than 30 days past the due date. That means if you act quickly, you might still protect your credit score. Here’s what to do:
- Make the minimum payment as soon as possible. Sending in at least the minimum can stop further penalties and prevent a report to the credit bureaus, even if you can’t pay off the full balance.
- Call your credit card company. If you’re facing a temporary hardship, simply forgot to make your payment or experienced another type of issue, it may help to call your card issuer, explain your situation and ask if they’ll waive the late fee. Many will, especially if it’s your first offense or you’ve had a good payment history.
- Set up reminders or autopay. Sometimes being late isn’t about being unable to pay; it was simply just a mistake. If that’s what you’re facing, use this opportunity to lock in systems that keep you on track going forward.
Discuss your credit card debt relief options with an expert today.
If you’re 60 days late: Credit score damage starts here
If you’re 60 days late on your credit card payment, the delinquency will almost certainly be reported to the credit bureaus and your credit score could drop sharply, especially if you had a solid score before. You’ll also likely face a penalty credit card APR, which can be 29.99% or higher, applied to your balance going forward.
At this point, you should:
- Reach out to your creditor again. Ask if they offer a credit card hardship program, which might lower your interest rate, reduce your minimum payment or let you pause payments temporarily.
- Consider a balance transfer or personal loan. Consolidating your debt with the help of a lower-rate loan or wiping out interest temporarily with a balance transfer credit card could help you get some breathing room — but only if your credit is still intact enough to qualify.
- Start aggressively tracking your budget. Cut out nonessentials from your budget and reroute every dollar you can toward the payment. When you’re 60 days late on your credit card payment, every delay gets more expensive.
If you’re 90 days late: The collections clock starts ticking
Once you’re 90 days late on your card payment, the situation becomes critical. At this point, most credit card issuers will typically escalate your account to a collections department or sell it to a third-party debt collector. Your credit score could fall even further, and depending on the creditor’s policies, they may start moving toward legal action.
That doesn’t mean you’re out of options, though. Here’s what to do at this point:
- Negotiate a payment plan or settlement. At 90 days late, your creditor or the collection agency may be more willing to settle the debt for less than you owe or allow you to set up a structured repayment plan.
- Explore debt relief programs. Credit counseling agencies can help you set up a personalized debt management plan, while debt relief companies can assist with the debt forgiveness process or help you find other options if you’re deeply underwater.
- Get legal advice if you’re being sued. Ignoring a debt lawsuit can ultimately result in a default judgment against you — and repercussions like wage garnishment or bank account levies — so if a lawsuit is on the table, contact an attorney who specializes in debt issues immediately.
The bottom line
Falling behind on credit card payments is a more common issue than many people realize, especially in this current financial environment. But if you’re delinquent on your card payments, the longer you wait to act, the more damage you’ll face to your credit, peace of mind and financial future. So, whether you’re 30 days behind or are heading rapidly toward collections, don’t ignore the problem. Start with a call to your creditor, explore your relief options and take small steps toward a sustainable solution.
