When you can't afford to make your minimum credit card payment, you might be tempted to just send what you can. If you've ever done it, you were probably shocked to see the late fee on your next bill. You paid your bill on time right?
Even though your card issuer may have received the payment before the cutoff time, you were still late. Most credit card agreements include language that instructs you to send at least the minimum payment by the due date or your payment will be considered late. You'll end up with a late fee and, possibly, a higher interest rate.
If you can't make the minimum payment, call your creditor before the due date to discuss other payment arrangements.
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