Do not skip the monthly payment on your credit card bill.
If you have faced a particularly difficult month as far as your financial needs are concerned you may find it difficult to be able to a your credit card bill. You may find it difficult to even be able to make the minimum payment on your credit card. This is a situation that can happen with a lot of people. What you need to understand is that you should not just forego paying your bill. Not making at least the minimum payment on your credit card may result in several adverse consequences. Your creditor will definitely charge you an interest rate as well as late payment charge. He will also likely report you’re late payment to the credit bureaus which will hurt your credit score. To add insult to injury your credit card interest rates may go up. If the terms and conditions of your credit card include Universal Default then the interest rate on your other credit cards may also go up.
If you are not being able to meet the monthly payment on your credit card in a particular month you should try calling up the creditor and explaining the situation to him. You may be surprised at the sympathetic and understanding response you might get. The creditor is in a position to waive the late fee charges and interest rate if you can explain to him that this is a one-time occurrence and have had a good positive payment history with him in the past. You can also try and convince him to report a positive and current payment history to the credit bureau. If you’re dealing with a creditor who is unsympathetic you should try and come up with the money to at least make the minimum payment on your credit card. You can borrow the money from family, friends or even your employer.
If you find that meeting a monthly payments on your credit card is getting to be a consistent problem then you might need to take the help of a credit counselling agency. A legitimate credit counseling agency will help you budget your expenses and get your finance mangemtn under control.