Most people’s unfair treatment of their financial obligations over the years ultimately ruins their credit rating, and they only think about it when it’s late to pay. Amounts creep up, interest rates rise, and there comes a time when they are not even able to pay the minimum. Trust us, if you do not take action in time, then this is the beginning of the end.
Never miss a payment.
If your financial situation is difficult, then use the following guidelines, which will be useful for you to avoid punishment and bad credit, which could jeopardize your future financing.
– Pay on time and according to the form. There is a saying “the miser pays twice.” Never delay payment, if possible, pay a week before the due date or even earlier. Otherwise, you will not have enough time to solve this problem, and the violation will be reflected in your credit history. If you have an excuse for your late payment, it means nothing to the credit card issuer. In your agreement on opening a credit account, you will find all instructions regarding payment. Follow them exactly, pay where you should pay, how you should pay, and when you should pay.
– You cannot deposit the entire amount, always pay the required minimum! If you don’t have the required amount of money to close your entire balance, don’t worry, but you should always deposit the minimum. Even if you will only be able to deposit the full amount after a week or two, always pay the minimum amount needed first on time. You can always increase it by making additional payments. Then, when you are sure that you will not pay the late penalty, consider paying a higher amount. This will protect yourself from additional fees the next time you pay the loan.
– Transitional payments. Make sure your credit card issuer offers this service. Such payments provide the opportunity to skip payment at a time when you have unforeseen circumstances and you are unable to pay the debt on time or in full. Use this service wisely as it usually can only be used once a year. Therefore, make sure that the current situation is really an emergency and that you have no other means to solve your problem. Of course, this service has its own cost and you will have to pay for it next month, so make sure that the fee for this service is not more than the amount you will save for non-payment of penalties due to late payment.
– Change the payment date. Finally, if your credit card payment falls at a time when you don’t have enough money to cover it on time, simply contact your credit card issuer and ask to push the date back to a more convenient day.