Poll Reveals You'll Skip Credit Card Payments

In a recent poll, 50% of respondents answered they would skip credit card payments when faced with a crunched budget. I wondered why so many people would miss credit card payments given the effect late payments have on credit scores. I reached the conclusion that it's because missing a credit card payment has a less physical effect than missing other types of payments. For example, if you miss your mortgage payment, your home could be foreclosed. If you don't pay your power bill, your lights could be cut off. On the other hand, if you miss your credit card payment, the bank won't ask for the clothes back.

Missing credit card payments is just as devastating as missing your other bills. Compare the effects of skipping bills before you let the due date pass.

Read: What's the Worst That Can Happen When You Miss Payments

See the poll: Managing a Tight Budget

In the forums: Would You Skip a Credit Card Bill?