Call Your Credit Card Company ASAP. The worst thing you can do is just to allow the bill date to go past and wait for the late fees and the interest rates to eat you alive next month.  Don’t fear your credit card company.  Let them know right away and ahead of your billing due date about the problem you’re having.  If you have a good payment history with them to begin with and you can assure them that you can make the payment next month, most credit card companies will extend your due date, allow the late fees to be waived and continue to report your payment status as “current” with the credit bureaus.

Check The Payment Options. Ask your credit card company about alternative payment options such as post dating checks or even a debit card payment online.

Use Your Emergency Fund. If you’re dealing with a cold-hearted creditor, then it’s time to dip into your emergency fund.  Don’t put off creating this while you enjoy a steady source of income.  This is definitely the time to use that money.  Barring that, borrow from a friend or family member or ask for an advance on your paycheck.

Check Your Budget. Look at your bills and see which ones that can still wait a week or two for payment. Just be careful which bills you have to prioritize – you don’t want to be without water or electricity for example.  Consider your expenses and see what you can do without or spend less on for now.

Other Options. If you are having a lot of trouble consistently making the minimum payments on time, then you really need to assess your money management habits.  Debt settlement, entering a debt consolidation program and credit counseling are some of the options you should be looking into.  The debt settlement process is a serious step to take and you should carefully consider a good and reputable debt settlement company to handle your business. A good credit counselor, for example, can help you fix your budget and negotiate for lower payments with your credit card company.  Debt consolidation is a good option if you already manage your money well but are experiencing an unavoidable financial bind due to illness or natural disaster.  Just remember, each option does have its pros and cons and you need to carefully think and research which one will really be a great solution for you, rather than add its own new set of problems.

Debt disaster does happen.  All of us occasionally go through rough financial patches.  It can be difficult to rebuild your credit standing but you can start resolving the problem by taking immediate and well-considered action.