Your credit card payment is considered overdue when you miss your credit card payment. When this situation occurs, you are going to face some collection efforts from the lenders. For example, you are going to get a friendly phone call or reminder letter. Your credit score will also be impacted when your credit card is overdue. Because of this reason, you need to take action for solving this problem. There are several options that you can take for dealing with this situation.
a. Ask the lender the spread the overdue credit for a few months
If you are unable to pay the overdue credit at one time, you can ask the lender to spread the credit into a few months. This option can give you a good answer, especially if you don’t have enough money to pay your credit card payment. By using this option, you will be able to catch up on the payment over time. Most lenders will be able to give you about 3 – 6 months to pay the total amount of your overdue credit.
b. Consolidate your account
It is important to know that consolidating your account will never pay the overdue credit immediately. Instead, you are going to shuffle the debt around, so it is easy for you to pay. You can consolidate your credit card debt by using a balance transfer. This option allows you to move the balance to the other credit cards. You have to ensure that the transfer can be done completely before your account can be charged off.
c. Find consumer credit counseling service
If you are struggling to pay the minimum payments on your credit card, you may consider consulting with a professional credit counseling service. A reliable credit counseling agency can create a detailed debt management plan that you can follow easily. You can give this debt management plan to your creditors, so they can arrange new payment plans for your overdue credit cards.