MON 19 OCTMorning2:25 PM

Back to the brief

USCBS News

What happens when you miss a debt payment — and how to recover fast

Photo: Getty Images

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.

Missing a payment doesn't necessarily mean that serious financial consequences are inevitable, though. What happens next depends on several factors, including the type of debt, how long the payment remains overdue and the steps taken to address it.

The consequences of missing a debt payment typically become more serious the longer the account remains overdue. While policies vary by lender and debt type, there are some things that borrowers can generally expect to happen.

Read the original report

Opens CBS News in a new tab