Damaging Your Credit with Late Payments Shouldn’t Be a Mystery!

Damaging Your Credit with Late Payments Shouldn’t Be a Mystery:  Why You Should Make Your Payments On Time and What It Can Do to Your Credit

Jenkees! Those teenage super sleuths are out there chasing ghosts again. Hey, that may be what these guys do for kicks, but Scooby Doo, where are you and your monthly payments? Probably at the malt shop, binging on pizza and milk shakes. Look, the Mystery Machine has several payments left on the note and there are other bills that need to be attended to. Unfortunately, it’s hurting the group’s credit . They eventually get around to them, once they capture some supernatural creature. But Velma, we thought you were the most level headed one. Get a clue! It’s always some kook dressed up in some cheesy costume. And you don’t even get a reward. Why do you even bother? To get a Scooby Snack?

These young folks are barking up the wrong tree.  They’re really being haunted by debt and they need to defeat that enemy before it turns into a monster they can’t control. Besides, Fred’s leadership skills are diminishing with Daphne only being a follower, and Shaggy being too scared to seek out anything that goes, “Boo.” So, before he tells the gang to split up and look for things that will help them solve the crime, he should take a seat and let the real ghostbusters handle the situation. They’ve got to start being on time with their payments and leave those paranormal tricksters in the dark.

At Achieve Financial Group, we did some investigating to see what happens to your credit when you make late payments.

  • Late payments can be damaging after 30 days – If a payment is more than 30 days late, it could show up on your credit report. This excludes car payments, mortgage payments, or other installment loans, which may show up in less than 30 days.

  • Late Fees Can Be Costly – You will incur a late fee, even if you’re a day late on your payment, which is typically $25-$35.

  • You May See An Increase In Your APR – Your interest rates can increase on your credit cards if you’re late making a payment. The later you are, the higher the interest rate can rise.

  • You May Be Seen As A Credit Risk – When applying for loans, employment, housing or new insurance in the future, you may present as a credit risk, if there are late payments on your account.

Zoinks! Now don’t get spooked by these warnings. The Scooby Doo gang has no fear. In fact, they’re working on ways to restore their credit. They’ve brought their account current, and now they’re being consistent with their on-time payments and paying the minimums. They have even set up automatic payments and email reminders. Hurray! They took the mask off of debt. Hah! And this “debt” character would have gotten away with it, if it wasn’t for those meddling kids!

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