No matter how hard you try, there may come a point when you miss a credit card payment. Although you may be scared of what this will bring, there are some basic steps you can take to get back on track.
Here are a few things you need to do:
- Contact the issuer. This gives you the opportunity to explain what happened and to get a better idea of what’s to come. For example, you may find that you’ve been charged a late fee as well as interest on the balance. If you missed a payment, due to a simple mistake on your end, you may be able to fight to have both these charges removed.
- Monitor your credit reports. Depending on how late you made the payment, you may realize that this has resulted in a negative mark on your credit reports. This isn’t always the case, especially if you were only a couple days late, but it’s good to know exactly where you stand.
- Setup a system for avoiding the same in the future. For example, make note in your budget of the day on which your credit card payment is due. If this isn’t good enough, consider setting up an automatic payment. Regardless of the approach you take, it’s important to avoid a similar situation in the future.
While you may find yourself taking other steps if you miss a credit card payment, these are among the most important. Rather than run from your credit card company and hope that you catch up in the future, tackle this problem before it turns into something bigger.
Have you ever missed a credit card payment? What steps did you take to resolve this problem? Share your thoughts in the comment section below.
