3 things to do if you cannot make your credit card payment
Being strapped for cash can feel humiliating and stressful. You might try to ignore it, but the reality is setting in that you are unable to make the minimum payment on your credit card bill. Whether you lost your job, had an unexpected expense or you have been spending unwisely, it is a serious problem.
Now that you are at this point, you can either give up or try to resolve the issue. Here are some options for getting back on track with your credit.
1. Get creative for extra funds
If your paycheck is not enough to cover your payment this time around, try getting some extra cash and see if you can pull it together to pay off your credit cards. Offer to mow the lawn or walk the dog for friends and family. Try some online freelance work if you have the skillset for it. Consider selling some unwanted items around your house that are taking up space. You can even try returning some items you recently bought to get some extra money.
2. Contact your creditor
Sometimes you are unable to come up with the extra funds to make your minimum payment. If this is the case, take a deep breath and call your creditor to explain the situation. Your creditor might be willing to waive late fees or extend the due date. However, your credit card companies may be unwilling to work with you.
3. Consider bankruptcy
According to Time Magazine, you might need to file for bankruptcy if this is a serious long-term problem. You might be able to eliminate your debt or pay it back in affordable payments, depending on which type of bankruptcy you choose. While bankruptcy might affect your credit score, sometimes it is the only option for starting over.
Missing your minimum credit card payment can make you feel like all hope is lost, but you have plenty of options to bounce back. Consider these three steps to recover from your debt.