Fun You Miss by Paying off CC Each Month

[mickeyd]

I doubt that any of you folks would be able to rack up even a few points (if they were keeping score), but here's what the rest of the world has to contend with.

Missing a Payment
How bad is it? 9
The details: Not only are you going to be slammed with fees, interest charges and other penalties when you miss a payment, but you'll likely see a rise in your interest rates. If that weren't bad enough, you'll also have to contend with a significant hit to your credit report -- about 35 percent of your credit score is based on your ability to pay bills on time. As a result, you'll pay more when you try to get a loan. "Missing a payment has both immediate and long-term consequences," says Clarky Davis, Care One Debt Relief's Debt Diva. "You may be dealing with the fallout for years."

how-bad-are-your-credit-card-mistakes: Personal Finance News from Yahoo! Finance

 

[freebird5825]

This is definitely the right place for Rich to post his little fan animation.

There will be a huge sucking sound coming from all over America (and some other places too maybe) as people who carry credit card balances and/or are in the habit of paying late get clobbered.

Two extremes:
1. I have a few professional friends (late 49s to mid 50s) who carry balances as a habit and have heard them complain loudly about all of this. No sense of "look what I did to myself" by not paying of their cards.
2. My adopted uncle (82 yo) just paid off all his credit cards. You should have seen his face when I quoted him some of the recent credit card interest changes I've read about here on the forum.