Late credit card payment or sell jewelry?

[Anonymous]

I'm Horribly embarrassed to be in this position but here goes...
About five years ago I had crappy credit - massive credit card bills, late payments, the works. I made a promise to myself to get my shit together, and I have paid my credit card bill on time every month for the last five years no matter what. I made progress paying down debt but I still have some.
This past year has been really rough financially and I'm at the point where I'm basically living paycheck to paycheck. I have a credit card bill due Monday and I can't pay the entire minimum due. At this point the only options I see are:
1. Pay the bill seven days late when I get my next paycheck
2. Sell some jewelry my grandmother gave me to cover the minimum due
How bad will the repercussions be to my credit if I pay the bill late? Should I call the credit card company and let them know I'll be paying late? I really don't want to sell the jewelry but debt is such a slippery slope and I don't want to end up back where I was five years ago.
Also, can anyone recommend a place in NoVA or Montgomery County that will buy gold jewelry and stones? Most of the Cash for Gold places will only pay the value of the gold, not the stones.

[Anonymous]

Definitely call the credit card company - you may be able to negotiate a smaller monthly payment. I would think selling the jewelry should be a last resort. Do you have anything else you could get rid of? Furniture? Children's gear?

[Anonymous]

Call the credit card company. You might be able to get an extension. I don't think one late payment would hurt your credit as much as getting rid of something your grandma left you.

[Anonymous]

whats the dollar amount you need to come up with by monday

[Anonymous]

You're not living paycheck to paycheck if you're using the credit card. Sorry to state the obvious. Good for you to get your shit together - but sounds like you need to get rid of the credit card to really get your shit together - especially if you don't have enough in the bank to cover the minimum.

[Anonymous]

Anonymous wrote:You're not living paycheck to paycheck if you're using the credit card. Sorry to state the obvious. Good for you to get your shit together - but sounds like you need to get rid of the credit card to really get your shit together - especially if you don't have enough in the bank to cover the minimum.

I'm not using the credit card but I'm still paying off the balance from when I was using it. If you must know, unexpected medical bills this year depleted my very small savings, and more unexpected costs related to child care this month have left me in a bad spot. I'll be moving to a cheaper place in a few months which should help me get back on track with savings but until then it's an extremely tight budget.

To all the other PPs, thank you for your input. I'll call the card company tomorrow and see what I can work out.

[Anonymous]

If you are very attached to a few of the pieces, you could pawn it instead and try to get it back later, although the interest is probably horrendous. I don't know of a specific place, though.

Good luck, OP!

I hope you are in good health now? You have your cute little one. You are moving soon. This too shall pass. Hugs to you.

[Anonymous]

If you haven't been late in the past I don't think being 7 days late once should hurt you.

[Anonymous]

Anonymous wrote:If you haven't been late in the past I don't think being 7 days late once should hurt you.

Sorry, just realized you said you had had late payments in the past.

[Anonymous]

My credit card company has offered to move my payment to another date. You may want to ask them; just tell them you had some unexpected expenses this month and would like to change your payment to another day of the month.

They won't report it as late to the credit bureaus unless you are at least 30 days late, so no worries there. If this is your first late with the company, they may be willing to waive the late fee as well.

[Anonymous]

If you pay late you will pay a late fee, but it won't show late on your credit report until 30 days after the statement was issued.

[Anonymous]

I work in this business. Call and say "I am looking for hardship assistance". Most firms will give you a few months of no late fees etc

[Anonymous]

lates only go on a credit report once you to 30 days.

[Anonymous]

I'm in the "call them" camp. DS had a truck payment moved when he had some major issues with his employer.

[Anonymous]

I am in the same boat, a payment due tomorrow I cant make due to my situation I am in right now. I am planning on calling tomorrow morning and asking them for some kind of help. I hate this living like this and am doing everything I can (selling stuff on ebay, craigslist, etc) to try and come up with the rest of the money I need for my mortgage payment next month. Call them tomorrow and explain your situation.