You missed a credit card payment so here’s your options before totally freaking out

You just realized you haven't paid your credit card bill this month. You're already having visions of creditors stalking your every move and your credit score taking a serious dive. Before you absolutely panic, here's some options and things you can do to lessen the blow of a missed credit card payment.

How long ago did you miss the payment?

First thing you've got to figure out is when were you supposed to pay this bill. If it was within the last 30 days, pay ASAP. You should call your bank and let them know. Have the confirmation code if you paid online or receipt from the ATM.

You've missed payments that are over 30 days old, you've likely missed more than one at this point. There could be more serious consquences so you should immeditately get on the phone with the credit card company. Pay what you can and explain what happened to them honestly. You can together figure out a payment plan going forward.

Will you have interest & late fee woes?

Thankfully, your interest rates can't increase unless you've missed your payments by 60 days. You could, however, get stuck with a late fee for even missing one by just a few days. It will probably be somewhere between $15 to $35. You can call and if it was a first time mistake, they might waive the fee for you.

What about your credit score?

The 30 days rule can really make or break your credit score after a missed payment. If you pay your bill plus the late fee before the 30 days are up, then it likely won't be reported and you're in the clear.

After 30 days, your delayed payment will have been reported and your score could drop. This is more likely to happen for someone who has missed multiple payments in the past. If you're a first time offender and fix things quickly, the consequences shouldn't be too severe.

What can you do?

The most important thing you can once you realized you've got an unpaid credit card bill is call the company. Either pay the bill in advance or over the phone. Explain your situation fully and ask if there's anything they can do to keep the reprucusions to a minimum. Don't get pushy. Just be apologetic, firm, and show them that you're doing everything you can to make things right.