Debt delinquency timeline: what to expect

Stage 2: 60 days past due
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Trigger: It's been a month since your due date and two months since the billing cycle started.

What to expect: Your credit card account likely will go into collections status and will be turned over to a department that specializes in obtaining delinquent debt, says McClary. The friendly phone calls, letters or emails will turn a bit more aggressive and less positive. The creditor will warn you that your account could go into serious delinquency if you don't resolve the situation. Also, the creditor may contact the reporting bureaus to report your account as delinquent if it hasn't done so already.

Your options: You and your creditor can still work out a payment plan or come up with a hardship plan if your financial situation merits one, says Laura Creamer, a financial education specialist at the nonprofit credit counseling service CredAbility. You likely will have to pay a penalty fee.




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