I’m Delinquent on a Credit Card Payment — What Should I Do?

Not being able to make the minimum payments on your monthly bills is a scary feeling. Delinquency, after all, can have serious repercussions.

If your credit card bill’s due date passes and you don’t make a payment, it’s natural to feel a little panicky. However, there are steps you can take to cope with the situation — emotionally and financially.

» MORE: What to do if you can't make your credit card payments

1. Contact your issuer

The first thing to do when you become delinquent on a credit card payment is contact your issuer. Banks don’t like delinquency any more than you do, so they may be willing to work out a solution that suits both parties. Also, by reaching out to them first, you’re showing you’re responsible and proactive.

When you place the initial call, be ready to discuss the following:

• The reasons for falling behind on your payments. (Some issuers have hardship programs for people experiencing serious illness, job loss, etc.)

• When you’ll be able to make a payment

• Whether you’re able to pay anything right now

Do your best to find some middle ground with your issuer. Showing you’re doing your best to pay might help you dodge some of the unpleasantness that can result from a delinquency (see below).

2. Expect late fees and interest

Once you’ve missed the due date on your credit card bill, you’re likely going to get hit with a late fee. It’s possible your issuer is willing to forgive the first one if you make an effort to get current. But if you let time pass without reaching out to your issuer, the chances of this become slimmer and slimmer.

Also, as the weeks and months tick by, you’ll get hit with a fee for every billing cycle you don’t make a payment. If you miss two or three payments, expect to have two or three late fees tacked on to what you owe.

And don’t forget about the interest you’re racking up on all those unpaid charges. If you’re more than 60 days delinquent, your issuer can impose what’s known as a penalty APR on what you owe. High penalty rates get really expensive, really fast.

3. Be prepared to lose your rewards

In your credit card’s terms and conditions, there’s likely a stipulation that you can only earn and redeem rewards as long as your account remains in good standing. Falling into delinquency is considered a violation of those terms by most issuers — an unpaid account certainly isn’t in good standing.

It hurts, but this means you should expect to lose your rewards if you’ve fallen significantly behind on your payments.

4. Think about ways to come up with money to get current

The best thing you can do to minimize the damage of a delinquency is to get current as soon as possible. Remember, the longer your delinquency persists, the more you’ll end up paying in late fees. Plus, a short delinquency is less damaging to your credit than a long one.

Getting current doesn't mean paying off your debt entirely. It means catching up with the payments you've missed. If your usual income doesn’t leave room for making enough minimum payments to get your account current, it’s time to brainstorm other ways to come up with the cash. Here are a few ideas:

• Sell a few unwanted items from around your home.

• Offer to help a neighbor out with lawn care or babysitting (for a fee, of course).

• Cut a significant monthly expense like cable or your gym membership.

• See if a friend or family member is willing to lend you the money.

» MORE: 19 ways to find fast cash

5. Make a plan to deal with the aftermath