Although it may be overstated, there is a lot of truth to souls ruining their credit score due to missing payments and paying their credit card bills late. The fees can pile up and the interest rates can grow before you know it, and after awhile you won't even be able to pay the minimum amount of payment. When you don't do something fast - it could be the commencing of the end.
To make sure this don't happen to you, you should always pay your bill on time, and always avert missing a payment. Sometimes, it can be severe to make your payments on time, although you should always do everything in your power to ensure that you stay on top of things. Below, you'll find some tips to aid you with your credit card payments.
As stated above, you should always pay your bill on time. When something comes up and you aren't able to pay, you'll be penalized. Even though you may think what has come up will justify a late payment, it doesn't justify the means in the eyes of your credit card company. Inside of your bill, you'll find detailed instructions regarding payment. You should always follow them as accurately as possible, pay where and whenever you are alleged to pay - and do it on time.
If you simply aren't able to pay your entire bill, you shouldn't worry about it - but instead pay the minimum amount possible. Even whilst you may be able to pay more lately, you should always pay at least the minimum amount. Then, when you have more money, you can always add to your minimum payment by sending in an extra payment.
The easiest way to do this is to always have the minimum payment amount set aside, so that you have it once your credit card bill arrives. Once you have assured yourself that you won't be penalized or charged any late fees, you should look into paying a higher amount than just the minimum balance. By paying the minimum amount, you'll also ensure that no other fees will be added to your next credit card bill.
Another option includes skip a payment, whilst you'll want to check whether or not your credit card company offers it or not. This service will allow you to request a waiver regarding your payment, when something comes up and you don't have the money to pay your bill. Make sure that you use this service wisely when you have it, as it can only be used once a year. Therefore, you should always ensure that the situation is truly an emergency and there are no other options uncommitted for you. This service will usually have a cost as well, and you'll need to pay it the following month.
Tho' credit cards can be great for numerous reasons, you should always know your interest rates and have a good general idea of what your bill is going to be before you make a buy. Many times, those who have credit cards will make purchases, knowing they can't make the payments - then suffer when they get the bill and aren't able to pay it.
Anytime you have a credit card, you should always make sure that you have the money to pay the bill, or the minimum amount, the minute it arrives. This way, you'll remain in good standing with your company and your credit score will continue to increase. When you simply aren't able to make your payment, you should contact your credit card issuer instantly and see if you can work something out.
Uchenna Ani-Okoye is an internet marketing advisor