Financial Resource

If you are faced with a situation of huge monthly bills and don’t have money to pay back the debts. Like many people you decide to forgo one bill or the other, but which one do you skip. Many people are likely to miss the credit card bill. Missing a credit card bill might not look a big deal to you, but your creditors don’t see a missed charge card payments the same way. They continue to make attempts to recover all the money, with a high late fee charge. Credit card charges are usually high, which keeps on increasing with every late payment. Creditors don’t just penalize you; they often increase your interest rate as a penalty. The credit bureaus are notified if your payment is late by 30 days. This can adversely affect your credit rating, an entry will be created to your credit report. Missing one or two payments won’t be so bad, but missing several payments for more than 2-3 months can be really bad.

As soon as you realize that you have missed charge card payments or you might miss a payment, contact your credit card company. This can help a lot in damage control for your credit rating and you can also avoid those pestering collection calls. Before making a call you should figure out how much you can pay and by what time? It’s better to pay the minimum amount, rather than promise to pay the full amount which might not be possible for you. So if you realise your situation well within time it can be really helpful, you can ask your lender

If he can waive the late fee
The amount can be converted into easy EMI’s
If they can restore the interest rate to previous level

If you had made your previous payments on time, then it can be easy to accommodate your requests. Even if you have missed any payments earlier or have late payments, it is still worth trying to negotiate.

You can ask your company to send the change in payments through mail. Acting smartly and on time can ease your missed charge card payments problem.

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