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You Can’t Make Your Minimum Credit Card Payment December 3, 2007

Posted by Vedis in : Credit Cards , comments closed

You are not able to make your monthly credit card payment because you’re going through a period of financial difficulty, or you’re simply overspent.

When you can’t make your monthly credit card payment, the absolute worst thing you can do is just let the bill go unpaid. Your creditor can charge you a late fee, raise your interest rate, and report the late payment to the credit bureaus.

Not only that, if any of your other creditors have a universal default clause in your card agreement, your interest rate on those credit cards will go up, too. (more…)