@TravellingNomad wrote:
@Pway wrote:
@tommyd17 wrote:
We've had a few rough weeks and it's really looking like we are going to have a hard time paying on some of our credit cards. I'm trying to figure the best possible outcome for us.
One of our cards we are already at the default rate of 29%. Our minimum payment on this card is $360. The due date is Feb. 15. Now, if I don't pay it, we will have a $25 late fee. If I wait until the next billing cycle, won't I just have to pay $360 plus the late fee? You will have to make a total payment in the amount of $745 plus the calculated interest of your credit card balance. You missed the payment due on Feb. 15, and when the next statement cuts don't you think they are going to want that other payment as well for the next month. In other words, I'll have to pay $385. I'll be losing $25 in order to keep $360 cash. I would recommend contacting your credit card and tell them about your situation, see what they can do to help you. I'm going to use that to pay a different credit card that has a low rate. I want to avoid getting bumped up to default on that.
Also, if I pay the next billing cycle by March 13, won't that also mean that none of this will affect my credit score? They could report as 30 days late to the CB.
Thanks so much.
Its not "could", the lender WILL report a 30 days late...because OP will be 30 days late if paying for feb bill in march. And if he only pays the minimum amount in march, come april, he will be 30 days late again...but this time for the march bill.
OP, like Pway said, before deciding not to pay...call your cc lender and talk to them about the payment situation. You'd be surprised at how helpful most cc companies can be. See if your cc company can work with you. They won't blame you for going through financial difficulties. They would actually want to work with you as long as you let them know of your situation
I am really sorry to hear what you are going through. Just do your best to keep your head above water. Make changes in spending habits if you havent done so. Only spend on the daily necessities for now. You're going to get through this rough patch.
+1. i agree. not only could be they will report you 30 days late. i don't know where this rationale is coming from. but unless you call as others advice. this kind of thought process is futile. even after you call they may still report you late. no guarantees. but all you can do is try. good luck.
