What to do When You Can’t Pay the Minimum

It can happen to the best of us. For some reason or another you are unable to make your minimum credit card payment. As long as this only happens once in a blue moon you are okay; do not make it a regular occurrence or you will find yourself grave deep in debt. It is easy to just your minimum credit card payment if you can’t afford it and just go with the consequences. It is also incredibly stupid to do as well. If you find yourself in danger of missing your monthly minimum credit card payment follow the tips below to minimize its impact on your finances and credit score.

Be Proactive

The first action you need to take when you know you are going to miss your monthly minimum credit card payment is to call your creditor. Explain the situation you are in and why you can’t make your payment. Most creditors will waive the late fee and extend your due date as long as it is a one-time occurrence. The majority of creditors will also refrain from reporting late payments to credit bureaus. This is not guaranteed to occur. You may call and your creditor says they can’t do anything for you. However, if you choose not to call at all you will definitely be hit with the full extent of late payment penalties.

There’s Always a Way

Should you end up with a creditor that refuses to show any leniency you need to find a way to pay your minimum any way you can. You can try to find a friend or family member to burrow from, sell some items that are just collecting dust, get and advance on your next paycheck, or find a way to make a little extra money. It is important to keep any blemish you can from your credit score. The road to ruined credit often occurs from one missed payment slowly turning into more. Make the payment anyway you can.

Be Sensible

Do not put off other important bills to pay your credit card payment. While it is important to keep good credit, it is not worth losing your water or electricity. Should you find yourself falling behind regularly then you may need to try to work out alternative payments with your creditors or see a credit counselor as soon as possible. With a little proactive work you can to preserve your credit standing without sacrificing necessities. Do what you have to in order to stay in good credit today.