An overdue payment can negatively impact your credit score and financial health. It occurs when borrowers miss EMI deadlines, leading to penalties and reduced creditworthiness. To manage overdue payments, one must communicate with lenders, request restructuring, or negotiate repayment plans. Clearing dues on time helps restore financial discipline and avoids long-term debt traps. Businesses especially need to monitor overdue payments to maintain good relationships with banks and suppliers. Timely repayment not only protects credit scores but also ensures easier access to loans in the future. |
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