What to do When You Can’t Make Your Minimum Credit Card Payment

Paying just the minimum credit card payments are a way of life for so many people, but what happens when you can’t make your minimum credit card payment?

Life happens, right? Usually, when you hit a tough spot in life, you finances are affected first and this can cause problems when the credit card statement arrives.

What NOT To Do

If you find yourself in a situation where you are unable to make the minimum payment, the absolute WORST thing you could do is just do nothing. If you simply wait until the following month, you will accrue late fees, possibly raise your APR, lower your credit limit and lose credibility all in one fell swoop. What’s more, if your other cards see that you have missed a payment, they could get spooked and raise your rate as well.
You just became a high risk because you didn’t call or let someone know what was happening.

First Things First

Get on the phone and call your card company. Tell them you're having some difficulty and that this is definitely a one-time occurrence and you will make that payment up next month. Most card issuers will be sympathetic and extend your due date, drop the late fees and still report you as “current” to the credit bureaus.

Sometimes, though, there is that unforgiving, cold-hearted card issuer that just wants their money regardless of your situation. This calls for other action on your part.

Look at Your Options

Take a look at your other bills and see if one of those can wait a couple of weeks to be paid. Possibly borrow from a family member or friend if need be. Maybe tap a savings account set aside for vacation or whatever.

In this case, you're better off to find the money for the minimum payment to avoid the penalties. Judging from the card company’s reaction to your situation, the penalties will be heavy. The impact on your credit score could be significant as well, if you wait too long.

You Must Communicate

In any event, the key is to communicate with the card issuer. They want to hear from you even if it isn’t to say the check is in the mail. As an option, ask if you can post date a check or the payment and mail it in. Some companies even let you post date a debit card payment online. Check if this is an option for you.

These tips will keep your card and history in good standing until you can scrape together the money to make the payment. If making your minimum payment becomes a consisent problem for you, you should really take a look at your spending habits and find a solution to get some debt relief. Your life and sanity is more important than your credit score.

Other Solutions

Settling your debts with your creditors is a valid option or enrolling in a debt consolidation program or getting credit counseling are other options to consider. Taking action quickly is the best way to minimize the damage to your credit score, your life and your bottom line.

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