Credit is something you need to intentionally protect. Your credit score is basically a measure of your character. It tells people how likely you are to make good on your promises to repay them. Some employers are starting to look at potential hires credit history to see if they would make a good employee.
Obviously getting out of debt completely is generally going to be a good thing for your credit rating. The most common problem people have with getting bad credit is when they get into a tight place financially and are unable to make a payment. Missing a payment might not seem like a big deal, but it will impact your credit rating.
The worst thing you can do if you can’t make a payment on a loan is nothing. If you think you are going to be unable to make a payment, call the lender and explain that you are going to be unable to meet your commitment for the month. If possible, offer a solution such as paying part of the amount on time and the rest halfway through the month. The lender may or may not work with you, but in general they understand that sometimes a little flexibility means they will get their money, while being inflexible could push you into bankruptcy.
All in all a lender would rather deal with someone who calls them up trying to work out a solution than someone who just ignores the fact that they skipped a payment.
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