WWYD - Late payments after 5 years of on time payments

[Luke H.]

Tenants have been in property for 5 years. Have always paid on time, no issues, always willing to help with maintenance of property.
This month, the rent late day passed, I called and tenant said they ran into some issues and needed 1 week.
7 days later, they are asking for another week. I asked what happened and they are giving a generic, ran into life issues, answer. I drove by and it doesn't look they are moving out. I would hate to evict them since they have been solid for so long, but business is business.
I plan to put the 'pay or vacate notice' with 7 days (the week they asked for).
 
I'm curious to hear what you all would do? Any ideas or strategies that have been good to use?