The term “delinquent” commonly refers to a situation where a borrower is late or overdue on a payment, such as income taxes, a mortgage, an automobile loan or a credit card account. There are consequences for being delinquent, depending on the type, duration and cause of the delinquency.
Debts become delinquent when a consumer neglects to make previously agreed upon payments to a lender. Delinquent debts often carry high fees and can result in unpleasant telephone calls from debt collectors and legal difficulties. It also can hurt an individual’s chances of obtaining future credit cards and loans by damaging his credit rating
Time Frame plays a pivotal role to ear mark the return of the payments and does get highlighted on the invoice but delays in payments seem to happen either due to unforeseen circumstances or through a deliberate decision to postpone.
Failing to make a timely payment on a debt doesn’t mean that the debt becomes delinquent immediately. Some lenders provide a grace period over which the debtor may make his payment late without suffering a penalty. Grace periods vary depending on the lender. Once the grace period expires, however, the lender will categorize the debt as delinquent and stringent methods may need to be applied for the sake of repayment.
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