Missing a credit card payment can be a stressful experience for many of us. With potentially costly consequences like late fees, interest hikes and interest charges, it can quickly snowball to a larger problem. Luckily, there are steps you can take to reduce the impact of a missed payment and avoid missing another payment in the future.

1. Make the payment as soon as possible. Most credit card companies charge interest for each day the payment isn’t made, so it’s important to settle your payment as soon as possible. Keep in mind that even if your bill is paid on time, paying less than the minimum amount may still classify your payment as late. Depending on your unique situation, you may consider transferring the balance to a Credit Human Mastercard to save money on interest and simplify your finances.

2. Call your card issuer. Contact your credit lender as soon as possible to explain your situation and discuss your options if the total past-due amount can’t be made. If this is your first missed payment, some companies may waive your late fee if there is one.

3. Set up automatic payments. Automatic payments will help ensure you don’t miss another payment in the future. A good alternative is to create a monthly notification as a reminder.

4. Monitor your credit. Lending companies typically won’t report the late payment to the credit bureaus until it’s 30 days past due. They can report at different times to different bureaus, so your credit scores may vary across your reports. As a Credit Human member, you can log into your digital banking account to check your credit score for free any time you want.

5. Have a financial health conversation. If you are concerned about missing more payments, find a Financial Health Center near you for personalized guidance in navigating credit card debt.

Missing a credit card payment can happen to anyone. We’re here to help in any way we can. Visit our website where you can discover more financial health information like learning the strategies to tackle credit card debt.