If you want to protect your credit when you have overdue bills, in an easy way that does not require a ton of energy and effort, the most important thing that you can do is understand how specific infractions, such as paying late, will impact your credit.

Today, we'd like to share information which makes it simple for you to protect your credit, even when your budget is stretched to the limit. This will be especially helpful to those readers who are struggling with paying overdue bills.

Don't Stress Too Much

How late a payment is will impact its capacity to harm your credit. Therefore, pay as much as you can as soon as you can. Ignoring a debt is never a good idea, because bill collectors and credit agencies have long memories. In fact, lateness is penalized in degrees, so paying one month late is not as damaging as paying sixty days late or ninety days late. If the late payment is a new thing, it should not come with a really serious penalty, as long as you've made timely payments in the past.

However, a lot depends on what's happening with you financially.

For example, if you are applying for a mortgage loan, making a late payment may put you out of the running for approval. So, think about your overall situation and try not to stress too much, unless you're trying to get home financing or something of that nature. Consider making a smaller payment right away and paying more as soon as you can, or plan to pay the minimum payment within thirty days.
If you are applying for a mortgage, you may want to try to borrow funds from family which allow you to make your payment on time. Perhaps you could get an advance on your earnings from work or something like that? It's all about avoiding a penalty which might stop you from getting the mortgage that you want.

As a rule of thumb, paying before the thirty day limit is definitely the best way to avoid a negative mark on your credit report. With this in mind, look at all of the payments that are coming due and see when the thirty day limits will hit. Then, crunch the numbers and see if you'll be able to scrape up enough for the minimum payments before the thirty day limits. Once you pass thirty days, you'll be at risk for negative credit report activity which relates to your late payments.

Consider Some Credit Counseling

One failsafe way to take the pressure off is to visit a credit counselor. Sometimes, communities offer credit counseling services to those who are in need, for free or on a sliding scale, according to income. So, why not talk to a credit counselor today?

Author's Bio: 

If your problem is a bit more severe and you have already experienced a credit score that needs repaired, reach out to firms like Ovation who specialize in helping people recover their credit score by working with the creditors directly to negotiate your situation and increase the likelihood of getting your credit score fixed as quickly as possible.