Don't skip payments — unless…

We're starting to wonder if the idea that you are actually obligated to pay back your debts has gone the way of the dodo bird. We're stating the obvious, but don't skip making payments — it's a sure-fire way to ruin your credit and make a debt collector your new best friend!

If you are in danger of falling behind or can't make a payment, you must call your creditors to let them know you'll be late. Trust us, ignoring the problem will only make it worse.

If you are already in trouble, watch our new video for tips on how to deal with debt collectors.

Next: Don't borrow from your 401(k).