How to Avoid Late Fees at Any Expense

Late fees can be the beginning of the end. Although it may be overstated, there is a lot of truth to people ruining their credit score due to missing payments and paying their credit card bills late. Before you even know it, both the late fees and variable penalty interest are piled up and you can not even afford the minimum payment. If you don’t do something fast – it could really diminish your credit and cost you a lot of money.

Creditors may offer is a skip a payment or defer a payment option.
Some credit cards even have optional deferred payment insurance coverage for the unforeseen situations in life. Check with your creditors to determine if these options are available. This service allows you to waive your current month payment and is only offered for legitimate reasons. Use this service wisely as it is usually only offered once a year or less. Therefore, this should be your last case scenario. A true emergency and there are no other options available for you. This service will normally have a cost associated with it which will be charged on your following bill but can possible avoid any negative credit reporting to the credit bureaus. Review your creditors policies or discuss with their customer service representative as each creditor operates differently and may not provide this option.

Another good option is to use funds from another credit source such as a personal loan, credit card balance transfers, credit card convenience checks, etc. Get creative; ask a family member, a business partner, a best friend, anything to make your payment. Certainly this option will resolve the immediate solution of avoiding a late payment and further interest charges but should be used with caution. This option will increase your credit obligation which you will have to fulfill the following month. Please read the account detail terms from our alternative credit source for any applicable fees.

The final option is not really an option.
It is an after the fact solution once the late fees have already been charged onto your account. This option has proven to be successful with our clients and readers only when there late payment is an exception and not a common occurrence. Once you have made your late payment, contact customer service and request the late fees to be removed because of “X” reason. This must be done with the following: a positive attitude, a smile, address the customer service rep by their name, with utmost respect, and speak in a pleasant voice. Provide a legitimate reason along with the fact that you have been a loyal customer for “X” amount of time and have never been late let alone miss a payment. If the customer service representative sees that this has not occurred frequently in the past, they will either reduce or remove the entire fee.

It works… At this point, what do you have to lose?

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