Credit card delinquencies are soaring in 2008 as consumers continue to struggle with the subprime loan crisis, higher energy prices, and a sputtering U.S. economy. In fact, some experts estimate a quarter of American households are behind on at least one bill by a month or more. If you know you will have to miss a credit card payment this month, do yourself a favor and plan ahead instead of ignoring the inevitable consequences.
Try calling your credit issuer first to explain the situation. Emphasize your excellent payment history or the fact that you've been a long-term customer, and request that they work out a payment plan to help you avoid any late fees or penalties. You may be surprised at their willingness to work with you. Remember the last thing a credit card company wants is to never get paid, so it's in their interest to help you pay them back within a reasonable time period.
