GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
While having overdue bills may be the norm, this behavior has both short- and long-term consequences.
Before skipping a payment, heres what you better know abouthow this can affect your finances.
In fact, some credit card companies increase your interest rate with a late bill.
It can also impact your mental health.
Thats a terrible way to live.
In the Long-Term: Poor Credit
Having consistent overdue bills can negatively impact your credit score.
Once a bill is more than 30 days overdue it can be reported to the credit agencies.
The first step is determining which bills to pay first.
Understand that not all bills are of equal importance, Rebell said.
Take the time to go through them and understand the consequences of paying each of them late.
For example, some bills do not have any financial consequences for 30, 60 and even 90 days.
Thats an expensive delay!
You also need to consider the impact of each unpaid bill.
Use this information to prioritize which bills to pay if you have to make that decision.
Next, call your lender or providers and see if there is any room for negotiation.
Credit card companies will sometimes let you adjust the payment date, so be sure to ask.
If you are consistently struggling with overdue bills, you may need to reassess your overall budget.
More From GOBankingRates
Share This Article:
