Salary’s spent, savings exhausted and the car loan payment is overdue again. Friends, family, and colleagues are equally short of cash and can’t lend you money – the panic sets in. “How am I going to survive the next 15 days with only RM50?”
Sometimes even after careful planning and meticulous preparation, disaster strikes. A sick family member, a sudden job loss or a car breakdown; they can happen when you least expect it. As a result, you miss a credit card payment, or two.
Having insufficient financial resources to tame your unrestrained financial spending can lead to some major consequences. Let's take a look at what exactly happens when you miss your credit card payments.