Even if you pay your credit card bills on time religiously, there may come a time when you simply can’t get your payment made before the due date. You may be having a temporary financial setback, such as job loss, but late payments can happen for other reasons as well. You might be ill and in the hospital where you’re not thinking about everyday issues and bills. It may even be something as simple as forgetting to mail the cheque on time, where you know it won’t arrive before your deadline, even if you sent it immediately.

If you can’t pay your credit card bill on time this month, or you can’t pay it at all this month, there are a few things you should consider doing:

1. Evaluate your financial situation.

Everyone’s situation is different. You need to figure out how much you can pay right now and how much you can’t afford. You need to determine when you’ll be able to resume normal credit card payments. You should also see if there are ways you can cut other expenses, even if temporarily, to free up more money to try to make your payments. In the process, remember not to panic. Late payments have to be 60 days past due to show up on your credit file, so even if you get hit with a late fee, you may be able to avoid long-term repercussions by acting fast to resolve the issue.

2. Contact your issuing bank.

Rather than just ignoring a credit card bill or making a late payment, call your credit card company. Ask to speak to a manager or supervisor (generally the staff authorised to make account changes). Tell them about your situation and your proposed resolution (such as sending the payment that day and asking for a late fee to be waived, or asking to get a lower interest rate or extension on your due date). It helps if your credit card’s issuing bank is the bank you hold your other accounts with as well, or if you’ve paid on time with them for years. Then they have a broader business relationship with you, which may make them more flexible to working with you. Calling just to say, “I can’t pay you–what can you do for me?” isn’t likely to help. You should be willing to show them that you’ll put forth some effort to pay whatever you can.

3. Stick to the new terms.

Don’t take the bank’s willingness to adjust your terms or offer an extension as a licence to take advantage. If they give you that extension, make the payment before the new deadline. If you don’t, it’s highly unlikely they’ll be willing to negotiate with you again in the future. If they agree to waive a late fee if you send your payment right away, send it. Don’t slack off and risk forgetting about it again.

In a worst-case scenario, if you won’t be able to pay your credit card bill and your bank won’t work with you on a solution, you may want to consider getting help elsewhere. That could come in many forms from using a balance transfer to at least cut interest rates temporarily to borrowing money from friends or family members until you get back on your feet. As a last resort, your inability to pay your credit card bills may be a sign that it’s time to talk to a professional debt counsellor. Just don’t miss the opportunity to work with your credit card companies by avoiding them until they come looking for you. You may come up with a solution that keeps everyone happy with not nearly as much stress as you might think.