for credit card make sure you don't pay late by up to 3 months, your card will be suspend under legal, after that it is very hard to reverse the status. if you default payment longer, some banks even freeze your savings, FD, current accounts, unable to withdraw. if ur having problems with your debt sort the help of akpk for credit cards. for loans, nego with the bank to lower the interest rate.

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Added on January 3, 2009, 4:41 pmfor CC, it is okay to pay late about a month, but higher interest of Finance charge and Late charge will eat you up in the long run, so it is not a wise choice. plus if you pay late by a month the latest statement will add up ur min payment amount and full amount under past due, so u'll hav to pay more. just make sure you guys oay on time, if your dude date is before your pay day, call up the customer service to change your due date to 2,3 days after your pay day.

This post has been edited by max_cavalera: Jan 3 2009, 04:41 PM