According to an Associated Press report today, nearly 5% of all credit card accounts were 30 or more days past due between April and June 2005. Experts indicated that rising gas prices were partly to blame for this increase. Credit card late payments result in costly late fees and can damage your credit report for up to 7 years.
What does this mean to you? Prepare to stretch your dollars this fall as gas prices continue to increase and federal interest rates start to climb. You can prevent credit card late payments by signing up for an online bill payment service or paying your bills as soon as they arrive. Even if you can only make the minimum payment, you should always pay your credit card bill on time each month.
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