Can Make Monthly Minimum Payments?
Cannot make your monthly debt payment? Understand your different options so you can avoid late charges, increased interest rate and avoid lowering your credit score. Not being able to pay to pay the minimum balance happens to people very often. It is likely that his could happen to you if you have an unexpected large expense for the month or an unforeseen circumstance arose that drained your funds temporarily. If this happens to you, the worst thing you can do is to not do anything. Failing to address the issue in the current month can lead to the following problems: • Monthly Late Charges • Increased future rate • Getting the late or missed payment reported to the credit bureaus and therefore lowering your credit score • Decrease your future ability to make on time payments How to avoid these problems: • Call your credit card company or specific debt company you deal with and explain your situation and make them aware that it is a one time thing and let them know when you expect to be
Not being able to pay to pay the minimum balance happens to people very often. It is likely that his could happen to you if you have an unexpected large expense for the month or an unforeseen circumstance arose that drained your funds temporarily. If this happens to you, the worst thing you can do is to not do anything. Failing to address the issue in the current month can lead to the following problems: • Monthly Late Charges • Increased future rate • Getting the late or missed payment reported to the credit bureaus and therefore lowering your credit score • Decrease your future ability to make on time payments How to avoid these problems: • Call your credit card company or specific debt company you deal with and explain your situation and make them aware that it is a one time thing and let them know when you expect to be able to pay. This will work most of the time, if you have not done it consistently in the past. • If you can’t get an extension, talk with your employer and try to g
