It’s crucial to pay at least the minimum amount on your credit card each month to avoid damaging your credit score and facing costly repercussions. Missing payments can result in interest charges, loss of grace periods, penalty APRs, and late fees. Even a single missed payment can lower your credit score by roughly 100 points. However, in cases of financial hardship, credit card forbearance or debt settlement may provide temporary relief, though they can impact your credit score. Bankruptcy, though severe, can offer protection from creditor collection efforts while you work on a financial plan. Remember to seek advice from credit counselors before making any decisions.

Read more at Yahoo Finance: When should you stop paying your credit card bills?