What happens interest-wise if I don t pay a credit card bill on time, or only pay the minimum amount (but only for one month)?

SumDude

You pay some interest. Sometimes that is just the cost of living (and is often cheaper than late fees or overdraft fees). No one is judging you.

curtisports2

If you only pay the minimum, you will never pay the balance off. If you don't pay on time, you will be paying additional interest on top of the late charges, and your credit rating will take a hit.

DEBS

If you pay at least the minimum but not the total of your statement by the due date: * You get charged interest on your average daily balance from the start of your statement period you don't pay off PLUS the average daily balance until your next statement is paid off in full. (Old and new charges). If you don't pay the minimum amount due, on top of the above: * You will be charged a late fee. If you don't pay the minimum amount for 30 days past the due date: * You will be reported to the credit rating agencies and will have a 30 day late on your credit report thus negatively affecting your credit score.

nt

You pay their predatory rate. Its a bad idea but its a free country. The credit cards love people to only pay the minimum. Its how they make money. They borrow for 2% and charge you 18-21%. The LATE FEE is a real ripoff too. So don't ever be late.

Slumlord

You will get charged interest for one month at the rate of the card - maybe 18% or more.

Beverly S

If late it hurts your credit and can cause your rate to go up. Paying only the minimum is fine.. not a great idea, but it won't increase you rate or be reported negatively...However the amount of interest due goes up since not as much went to principal.

real estate guy

If you paid late, there would be interest charged on the balance, a LATE fee and a mark on your credit report for late payments. If you pay on the min, there would be interest charged on the balance.