If you are unable to make your minimum payment on any bill, contact the creditor immediately. The sooner you call, the more likely the creditor will be to work out a payment schedule you can meet. Most creditors will try to help you, if they can, because they see that you are trying to handle your credit problems responsibly. This helps you to avoid extra costs, protect your credit rating and keep your line of credit and possessions.
If you have serious financial problems and can't pay your bills, you may be forced to file for bankruptcy. Bankruptcy damages your credit rating and remains on your credit report for 10 years. If you file for bankruptcy you will have a hard time getting credit at a reasonable price for a long time, if you can get credit at all.