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Title : Late Payments Can Snowball Into Financial Crisis
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Late Payments Can Snowball Into Financial Crisis

What starts as one missed payment can turn into financial ruin if the consumer isn't careful. Minor money problems can snowball into even more serious issues when nothing changes. This may lead to liens, bankruptcy and other legal actions.

At a glance, one missed payment doesn't seem like much. However, credit card companies will charge a late payment fee and add extra interest on the amount missed. More recently, creditors have begun increasing the total interest rate charged to delinquent accounts by as much as 10% and increasing the amount of the minimum payment owed every time a payment is late or missed altogether.

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