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

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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.
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