People who are struggling with debt in Nashville may sometimes feel like they are forced to choose between which outstanding bills to pay each month. Things like housing and food are necessary for survival and will always take precedent over other kinds of debt. However, consumers should be aware that skipping even a single credit card payment can have serious consequences. Therefore, meeting the problem head on will likely lead to better results than ignoring it and hoping that it goes away.
According to CNBC, missing payments for several months in a row will likely result in the account being closed and sent to collections. Contact from collection agencies can be unpleasant and some debtors may find themselves facing a lawsuit.
Even missing one or two months can be problematic. In addition to being charged late fees, the interest rate on the account will almost certainly go up. Late and missed payments can also negatively affect credit scores and prevent people from obtaining credit for things like mortgages in the future. Therefore, contacting the credit company as soon as possible and keeping the lines of communication open is advisable. If possible, call the card issuer before the missed payment occurs. This will demonstrate to the company that the problem is being taken seriously.
If the financial strain is only temporary and due to some kind of emergency, such as as a natural disaster, credit card companies are often willing to work with customers, NerdWallet points out. A simple phone call may result in the waiver of fees, an extension of time or the lowering of minimum amounts due.