Avoid skipping your payments, when it becomes accumulated you will find it very difficult to meet up. Missing your monthly payments is not as worst as leaving your bills unpaid. Actions will be taken by your credit card company over late payments or bills left unpaid. Payments that are 30 days past due will be reported to credit bureaus.
To avoid charges of late payments or interest rate increases, make your minimum payment. You can even contact your credit card company to make arrangements on the mode of payment. A slight delay In payment attracts an increase in the interest rate charged.
When You Can’t Make Your Minimum Credit Card Payment
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Skipping a minimum credit card payment is one of the worst things you can do. Find out what to do when you are unable to make it.
What Happens if I’m Unable to Pay My Credit Card Bills?
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If you’re in a position where you can’t make your minimum monthly credit card payment, it can help to contact your lender first.
What to Know About Late Credit Card Payments | Capital One
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Capital One considers a payment late if the minimum payment listed on your statement isn’t received by your monthly statement’s due date.
Why paying the minimum amount due on credit cards can …
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With revolving credit facility, you can re-pay the outstanding amount over a period of time to the issuer. You may be charged around 3 to 4 …
Minimum Credit Card Payment | Have an additional source of income
There is always something you can do to get additional income. Either you engage yourself in selling products or you start rendering services. You can market your products online via social networks. Being very creative is a fast way to make more cash selling things or providing services.
Contact your credit card issuer
Contact your credit card company to have arrangements on when and how to make your payment if in any way you missed out in a month. You can also explain the reason behind your late payments or missed out of payment. Your late fees might be waived and your due date extended.
If you’re not lucky enough to have your defaults overlooked by your card company, go ahead and source for funds and also cut your expenses each month. Meet with family members or friends to raise funds and clear your debt
Take cautions on paying your bills at once
In as much as there are benefits to paying your bills at once, there are other consequences to it too.
Settle the payments you missed
The moment you miss any due date of payment, settle it immediately and avoid a late entry sent to your credit report. When you pay your dues before your next due date it saves you the stress of having to meet up on payments in a month even though a charge of late fee will still be charged against you.
Payments can be made online with your phone or mail without having to call your credit card company.
Get assistance
Get Professional Help if you are finding it difficult to meet up with your minimum payments. A professional in credit card activities will go a long way to assist you on strategies of how to go about with your minimum payment. You can consult for a professional through the National Foundation for Credit Counseling.
