HellBill » Hell Bill Area: » Bill/ Bills » it cost you in fees and penalties if you ignore just one $100 credit card bill for three years

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: it cost you in fees and penalties if you ignore just one $100 credit card bill for three years

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: There is no way to calculate the effect of having bad credit for the next 7 years. Its going to be A LOT more than only $100 though. TOTAL cost to your credit, fees, and interest can easily exceed $1,000.
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: You will rack up interest on the $100 plus late fees, so whatever the percentage rate is every month including a $35 late fee each month can add up pretty quickly, not to mention that eventually when you don't pay or respond they will simply do a charge off however, this is bad news to your credit score and your credit history. It will pretty much sit on your credit history for up to seven years until it drops off.

Mean while it will impact you applying for another credit card, buying a home, a car and trying to get a loan.

It would have been cheaper to pay it than to just let it sit for years accruing interest.
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