6 Methods For Saving Money That Just Don’t Work

2. Putting off credit card payments

Financial difficulties will often have people desperately searching for ways to cut their spending, and one of the most popular ways that is done are by skipping or delaying credit card payments. You might get away with that once or twice and simply have to absorb the “late fee” that will most likely be added to your account, but there’s the genuine risk of damaging your credit score in the process.

A low credit score can make it difficult or impossible to get an auto loan, a mortgage, or even rent an apartment. A better option is to contact the credit card company as soon as you know you are having problems and explain the situation to them. In many cases, they will work with you to lower your payments, lower the interest rate or change your due date.