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There are many different things to think about when you have credit card bills coming in. One of the priorities that you have likely set for each month is making at least the minimum monthly payment. Failing to make the payments is something that can have dire consequences.

You might be wondering what you need to do if you know that you absolutely won’t be able to make the minimum payments on your credit cards. Even though it might be uncomfortable, there are some very specific things that you should do.

First, contact the credit card company. This might not be something that you want to do, but it is important that you take this step. By speaking with someone at the credit card company, you might be able to get your payment lowered, due date changed or the payment waived for the month. Make sure that you are open and honest with them about what is going on.

Second, determine what you can do to make the payments. While you might be able to get away with missing a single payment, you do need to make a payment as soon as possible. If you go 30, 60 or 90 days without making a payment, you could face a slew of action from the credit card company. At the 90-day mark, your account might be closed and sent to a collection agency.

If you just can’t see how you will make ends meet and be able to make the credit card payments again, you might decide to file for bankruptcy. This could help you to reset your finances and get a fresh start.

Source: CNBC, “Here’s what happens if you don’t pay off your credit card debt,” Abigail Hess, accessed Dec. 07, 2017