What To Do If You Missed A Credit Card Payment

It may feel like the worst has happened: you've missed a credit card payment. The key here is not to panic. While this can be a financial misstep, the truth is that you are not completely out of options. In fact, this is an issue that you may be able to remedy easily.

There are a few steps you should take if you miss a credit card payment. These steps will provide you with peace of mind and help you get back on track financially.

Call Your Credit Card or Banking Company

When you make a phone call to the credit card company, you can make a positive impression on the credit card company and show that you are not ignoring your monthly bill. Not only might the credit card company waive your fee, but you may also get on a better payment plan.

Make sure that you tell the credit card or banking company if you need help making your payment. When you are in contact, your card may not be reported to the credit bureaus.

Don't Worry: Your Credit Score Isn't Affected . . . Yet

Your credit score is not affected until your payment is at least a month late. This means that you may have a couple of weeks to make the payment before it really has a lasting effect on your financial record.

Now, you're not out of the clear forever. This means that you should not make a habit of not paying your bill on time. Sometimes it does happen, but you want to make sure that you are paying your bill on time.

Set Up a Better Payment System

Finally, ensure that you have a system that allows you to make better financial decisions moving forward. This might mean setting up automatic payments, for instance. Consider those times when you are most likely to have the payment available and set up a system so that you can make that payment on time each month.

You would also do well to pay off some of your credit card debt early. Pay off as much of your card as you can so that your financial situation does not suffer.

Learn More About Your Financial Options

A financial professional is in the best position to offer you guidance about your missed credit card payment. If you are uncertain how you are going to pay back your card or need additional help, other financial options are available to assist you. Your personal bank may offer some help paying off your credit card.

Talk to a personal banking professional for more advice.