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Missing a credit card payment can happen from time to time, but whether it’s your first time, or maybe you’ve had it happen before, you’re probably wondering what the worst thing that can happen if you do miss a payment with your credit card company.

First off, you won’t want to worry too much if it is your first time doing it.  If you’ve had this credit card for a long time now, the credit card companies more than likely won’t do anything if you send in your payment within the next few days.

The first thing that you should do is call them up and explain your situation.  The key here to remain honest and calm.  Tell them that you missed your payment and you’re sorry for doing so.  If you’re a good customer, they will more than likely refund you the late fee and will let it slide.

Now, if this is the 50th time that it has happened, you’re not going to get anywhere.   Since you have a history of doing late payments, the credit card companies won’t help you in this regard and will more than likely slap that late fee onto your bill.

Whats the worst thing that can happen with my late / missed payments?

If you continue to not pay your bill and let them add up over time, the credit card company is eventually going to give up.  What they are going to do is more than likely keep your card account opened for 6 – 12 months and will try to contact you in the meantime.

They may sell off to a third party

If you do decide that you want to ignore them, they are going to sell off your debt to a third party.  Once this debt is sold off to a third party, you’re going to find that you’re going to get harassed to no end.  This is something that you don’t want.

You could get a letter from the courts

Now, after the 3rd party ignores your wishes, you’re going to find that they may throw a court summons your way.  Again, once something like this comes, you won’t want to ignore it since it deals with the court system.  If you fail to show, they will more than likely garnish your wages.

If you do decide that you want to pay after a couple of late payments,  they will more than likely tack on fees, as well as increase your interest rate.

As you can see, its fairly important that you keep your payments up to date.  If you fail to do so, all of the above can happen to you and trust me, its something that you don’t want!

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The “Ultimate Rewards” Chase proprietary rewards launched its latest national advertising campaign, showcasing possibilities and options offered through the Program. With its flagship blue blow, the campaign is meant to reinforces Chase’s commitment to providing you life-long, loyalty by giving you control over your points and the flexibility to select the rewards that match your desires. Offering opportunities to earn and redeem rewards, “Ultimate Rewards” was created to deepen relationships with cardmembers and enhance customer loyalty by providing greater value and superior redemption options to Chase “Freedom,” Chase “Sapphire,” “Ink from Chase” and Chase debit cardmembers.

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When it comes down to debt, you’re going to notice that there are two different types.  You’re going to have your secured debts, as well as your unsecured.  Commonly, people tend to get the two confused.  If you’re confused about the two, I wanted to hopefully clear things up when it comes down to secured, as well as your unsecured debts.

Your secured debts

This type of debt is tied to a form of collateral.  Let’s take a secured credit card for example.  When you want to sign up for a card like this, you’re going to find that the credit card company is going to want a deposit.  This deposit can range from a few dollars to as much as $500.

Now, what they are going to do with this is hold it hostage.  If you don’t pay off your credit card bills, they are going to take the money out of your account.  This way, the bank will never lose out on their money.

These type of cards generally have higher fees and are designed for those with bad credit.  If you don’t have bad credit, you will find that you will be better off with an unsecured based card.

Your unsecured debts

These debts will not ask for any type of collateral such as the secured cards or any other type of loan.  You can picture these kind of like your credit card.  You can spend all you want and they won’t hold anything hostage from you.

Typically, your credit cards that require no deposit are going to fall under this category.  People with better credit scores are going to be able to qualify for debts such as these.

Other debts that you may run into that are unsecured are medical bills, court related bills, as well as student loans, and more.  You will find that as long as you don’t have to supply them up front with some sort of collateral.

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If you want to gather miles on your credit card, then, you can do it even without having to board flights. You can amass these points by taking up a few surveys or using your card for the various purchases you make or even by reserving your accommodation on your card.

With an increasing number of people applying for cards offering airline rewards, it is becoming increasingly difficult to obtain seats on the airlines when you actually need them.

Michael Tracy, a business traveler based out of San Diego, said that frequent flyer points are being given away for just about any expenditure being done on the card.

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The problem with issuing debit cards for savings accounts is that it makes things difficult for both the financial institution and the consumer. Because of a federal law known as Regulation D, your bank can only let you make third party transactions using your savings account six times per month. This includes making purchases via debit card. If you decide you want to use your savings account to make regular purchases with a debit card, you could quickly find yourself in a bind with either your card being declined or a hefty fee being imposed. In the worst case scenario, the institution could even close your account.

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