Consumers are required to make a minimum monthly credit card payment or the account will eventually default. This will damage the individual’s credit score and could result in legal consequences such as a lawsuit.

The Effect of a Delinquent or Defaulted Credit Account on Credit Ratings

Regular payments on accounts are an important part of maintaining a good credit score. Payment history makes up 35% of each consumer‘s credit score. Payments that are more than 30 days past due will have a significant negative impact on credit scores (See Learn How to Read a Credit Report).