What if... I miss a credit card payment?

Doh! You’ve been busy, been on holiday or just been forgetful and forgot to pay your monthly credit card bill.

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Whatever the reason, the first thing to do is to contact your card provider and explain the situation.

Here is what’s going to happen: You will probably be charged a penalty fee and the missed payment which remember only needs to be the minimum, will be recorded on your credit file.

Perks taken away

If you’ve got a credit card with and interest free perk, such as 0% on balance transfers or purchases, this is also likely to be taken away from you.

Contact your credit card provider

If the missed payment is just an oversight, make that payment now, to avoid any further action from the credit card provider.

Don’t bury your head in the sand

If you can’t make even the minimum repayment, you should still contact your credit card provider and explain your situation .

If you’ve got a good repayment history, you should be able to arrange a date when you can cover it.

Don’t struggle in silence, get help

Ignoring the debt will only make things worse. If you are struggling financially, you can contact a debt charity and get free advice; Some numbers are on the screen now.

NATIONAL DEBTLINE
www.nationaldebtline.org

0808 808 4000

STEPCHANGE
www.stepchange.org

0800 138 111

DEBT ADVICE FOUNDATION
www.debtadvicefoundation.org

0800 043 40 50

So if you’ve missed a credit card payment, don’t ignore it, tackle it straight away.

 

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