Mistakes happen. Missing (or skipping) a bill payment or two isn’t the end of the world, but it could have serious consequences — including fees, higher interest rates, a mark against your record, or a call from a debt collector — if you’re not quick to fix it.
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To avoid all that messiness, here’s what to do.
Make a Call
Pick up the phone and call the company once your payment is late. The sooner you do this the better. Work out a way to rectify the situation.
Make a Payment
If you have the means, make the payment. If you can’t pay off the full bill, ask the lender if you can set up some sort of payment plan or receive an extension. Many will be receptive to this arrangement, particularly if it’s the first time you’re late paying.
Ask for Forgiveness
When you call your lender, explain your situation and ask them to waive the fees or reconsider raising your interest rate. Loyal customers and first time offenders are likely to be able to work something out.
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