What Happens When You're Past Due
Past due is typically measured in 30-day increments, e.g. 30 days past due, 60 days past due, etc. At 30 days past due, your credit report will be updated to show that delinquent status. At 180 days past due, many accounts are considered to be in default and are charged-off. After that point, the account may be assigned or sold to a collection agency.
You may be charged a fee each month that you're past due. Because these fees accumulate, the longer you go past due, the more it will cost to get caught up on your payments. After you're 60 days past due on your credit card account, your lender can increase your interest rate.
Grace Period Before Past Due
Some lenders give a payment grace period beyond the due date during which your payment can be received without penalty. For example, if your payment is due on the 5th of the month and you have a 10-day grace period, you’ll be considered past due on the 15th of the month. (Note: this is different from the credit card grace period that gives you a chance to avoid interest charges by paying your balance in full.)
Past Due Amount
Your credit card statement will include a past due amount. That amount is a sum of the minimum payments you've missed plus late fees that have been added to your account since your last payment due date.
Getting Out of Past Due Status
You can bring your account out of the past due status by paying the minimum payment plus any late fees and interest that have been added to your balance. If you don’t pay the full amount, your account may still be considered past due.