Pay Now or Pay More Later

Credit cards and loans typically require a payment every month. Knowing this, you should be prepared to make the payment. However, there are many people who, for one reason or another, put off their debt payments until another time.

Skipping a credit card payment might make it easier to manage your bills this month, but it's like moving the weight from one side of the scale to another. Your bill payments next month will be a little heavier. Since most banks add late payment fees to past due balances, your next payment will more than double. Unless your income increases or your expenses decrease next month, you'll likely encounter the same problem.

If it seems you can't make your debt payments in a particular month, it's best to look harder in your budget for the money. Putting off payments leads to bad credit and debt. Read More... The Effects of Late Credit Card Payments.