Did you know that when you default on your mortgage installment accounts or credit cards, that the harm done to your credit report results in higher interest rates for several years and not only on the credit card that is in default, but also for car loans, home loans and others?

If you are late on your credit card or other revolving accounts, your credit will be harmed. When you need a car in the future, you may find that you have to buy a car with bad credit. Buying one with bad credit results in higher interest rates and so that late credit card payment can cost you more in the future than you may realize.