If you find that you are unable to pay your Credit card, you might be worrying about what to do. This sort of thing happens every now and then, perhaps you have had an unexpected bill or been off sick from work.
This post looks at what you can do if you are unable to pay your credit card, along with suggestions on how you could get the money to make payment. At the end of this post is a link to seek help with your credit card debt if you need it.
What could happen if you don’t pay your Credit Card?
If you find yourself in a position where you cannot make the minimum payment to your credit card, several things may happen: -
- You may be charged a late payment fee.
- The late/none payment could be reported to your credit file.
- If not paying your credit card takes you over your agreed credit limit, you may also be charged an over-limit fee as well.
- You may receive telephone calls chasing the outstanding payment.
What can you do to make your Credit Card Payment?
The first thing to do is see if you can somehow find the money to pay your credit card. For example you could: -
- Sell something on eBay, assuming you have enough time.
- Ask a friend or relative to help you out.
- See if you can get a small advance on your next salary payment.
- Reduce your expenses for the remainder of the month, for example by spending less on your food budget or travel.
If you simply cannot find the money, you should contact your Credit Card provider and explain that you cannot make payment this month. You might be surprised in that they could be helpful.
What if the Credit Card Provider is uncooperative?
If you cannot find the money required to pay your credit card, and the Credit Card provider is not helpful then you should make payment as soon as you are able to.
Remember to budget for the added expense of any fees you have incurred for none payment plus the next credit card payment that will be due.
Once you are back up to date with your payment, I would write a letter demanding these charges are refunded because you did at least try to sort out some form of arrangement.
You may well get these charges refunded by your next statement. I have done this a couple of times before and managed to get the charges refunded.
Is Credit Card Debt getting on top of you?
If you find you are regularly missing your credit card repayments, it might be time to look at getting some help. Click on the link below to find out more.