Millions of people nationwide are struggling to keep up with their bills. If you’re one of them, you may be considering making partial payments, thinking that some money is better than none, even if its less than the minimum due. While partial payments can help reduce the interest that accrues on your debt, lenders typically dont count them as on-time payments and may consider your account to be in default.If you make partial payments, heres what you can expect to happenand what you can do instead.
Key Takeaways
- Partial payments may not satisfy your creditors’ minimum payment requirements.
- Your accounts can be reported as past due to the credit bureaus, causing a drop in your credit score.
- Rather than make partial payments, you ma…
Read the full article at: https://www.investopedia.com/should-i-make-partial-payments-on-my-debt-5114081
