If you do not make the minimum required payment by the billing due date, the credit card company will apply late fees to your account.
If the payment is not made within 30 days, it is considered missed. The credit card company may report the missed payment to the credit bureaus, which can negatively impact your credit score. You will continue to get missed payments on your credit report until you catch up by repaying all the payments you missed.
If you miss the payment by more than 60 days, the credit card company may also apply penalty interest. This is a higher interest rate than the rate you normally pay for purchases. This penalty rate means it will be much harder to pay off your balance and accrued interest charges will mount quickly.
After about six to nine months of nonpayment, the creditor will charge off your account. This means they effectively consider the account a loss because you have not paid. The account will be frozen, so you will not be able to make any new charges.
The account may also be sold to a third-party debt collector. Also, the creditor or the collector that purchases the charged-off account has a right to sue you. If they win, the judgment may result in wage garnishment or property liens.