Due to a temporary income problem, I can't pay all of my unsecured credit account minimums between now and end of June. Would I be better off paying the regualr minimums on some of them and nothing on the others, or pay all of them something less than the minimum? I will be able to pay the full minimums after end of June and catch up gradually. Any comments?
2007-04-15 05:12:59 · 6 answers · asked by R R 1 in Business & Finance ➔ Credit
RAY is dead on here. Contact the credit card companies, and let them know. They would MUCH rather know that you're having a problem, because it's more expensive for them to deal with defaults, late payments, etc if you don't. And those expenses get passed on to you.
By contacting them ahead of time, they may waive penalties, delay increasing your interest rate, not drop your credit limit, or skip canceling your account.
Make the call - the number is probably on your statement.
2007-04-15 05:23:43 · answer #1 · answered by Ralfcoder 7 · 1⤊ 0⤋
Call each creditor, explain your situation and ask them to waive late fees and not report you to the credit bureau. You don't want to skip a payment. Own up to the problems you have and get your creditors to work with you. You may find that you are starting a pattern of debt that you can avoid by keeping your spending and money plan under control NOW. Don't use credit for things you don't really need... jeans, going out to eat and a few bucks here and there may not feel like wasted money but it is when you add late fees, overlimit fees and interest. Get back on track!!!
2007-04-15 05:19:56 · answer #2 · answered by Anonymous · 0⤊ 1⤋
It would be better to call each company and ask for a hold on your account, and pay each a small amount. They will work with you if you approach them with your story.
2007-04-15 05:21:20 · answer #3 · answered by marie 7 · 1⤊ 0⤋
If you make small payments you incur finance charges. If you skip payments you incur finance charges, late fees, and take massive hits on your credit record.
I would make at least the minimum payments.
2007-04-15 05:17:21 · answer #4 · answered by Greg B 2 · 1⤊ 1⤋
Make the minimum on as many bills as you can.
Beyond that, making a token payment will help convince them that you intend to make good on your debt.
2007-04-15 07:12:12 · answer #5 · answered by Quixotic 3 · 0⤊ 1⤋
Most credit co. will try to accomidate your temporery short fall IF you notify them before you fail.
But make payments untill your recieve an OK
your talking two months
???
You can't budget better that that...?
2007-04-15 05:22:37 · answer #6 · answered by Anonymous · 0⤊ 1⤋