I wonder.... less than minimum payment? Late or not?

[Anonymous]

Lets say someone just is having a bad few months and can't make minimum $20 payment so they decide to send in $5 instead of the minimum $20. What would happen after a few months? Wonder how many months a person can get away with that? Do they get hit with late fees?

[Anonymous]

I would not recommend anyone try this out to see what will happen. You'll likely incur a late on your CRs and late fees.

If you're asking hypothetical were one in such a position, I'd say call your creditors and plead for some help. Otherwise either start looking around for more money somewhere, or start considering BK.

[Anonymous]

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@Anonymous wrote:

I would not recommend anyone try this out to see what will happen. You'll likely incur a late on your CRs and late fees.

If you're asking hypothetical were one in such a position, I'd say call your creditors and plead for some help. Otherwise either start looking around for more money somewhere, or start considering BK.

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Yes definitely "hypothetical". Not meant for field testing. I was wondering if anyone knew or has done by mistake. This was meant for discussion only!

[Anonymous]

That is exactly how I got in trouble about 3 years ago. I was in college and wasn't working much. I couldn't meet my minimum payments but i paid whatever I can, which was less than the minimum. Month after month my minimum due kept getting even higher. It just got so overwhelmed that i eventually stopped paying and got myself in deep trouble.

[Anonymous]

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@Anonymous wrote:

That is exactly how I got in trouble about 3 years ago. I was in college and wasn't working much. I couldn't meet my minimum payments but i paid whatever I can, which was less than the minimum. Month after month my minimum due kept getting even higher. It just got so overwhelmed that i eventually stopped paying and got myself in deep trouble.

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Sorry to hear that. When you paid less but on time, did they hit you with late fees, did it go on your credit report as late? Thanks.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

That is exactly how I got in trouble about 3 years ago. I was in college and wasn't working much. I couldn't meet my minimum payments but i paid whatever I can, which was less than the minimum. Month after month my minimum due kept getting even higher. It just got so overwhelmed that i eventually stopped paying and got myself in deep trouble.

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Sorry to hear that. When you paid less but on time, did they hit you with late fees, did it go on your credit report as late? Thanks.

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yeah i got like 40 late marks on my reports. I can't remember if i was hit with late fees or not, I even stopped opening any mail from any creditors.