Act right away and call your credit card company if you believe you are unable to pay the minimum payment on your credit card. Many credit card companies may be willi
ng to help if you’re facing a financial emergency. You do not need to be behind on your payments to ask for help.
Ignoring the problem may only cause bigger problems such as higher interest rates, higher minimum payments, late fees and damage to your credit score.
Add up your income and expenses and look for ways to cut costs. If you can’t find enough to pay your minimum payment, decide how much you can afford to pay.
When calling your credit card company be sure to clearly explain why you can’t pay the minimum payment, how much you can afford to pay, and when you could restart your normal payments.
Watch out for debt relief companies that say they can help you pay off your debts especially if they charge fees before settling your debts, guarantees it can make your debt go away, or tells you to stop making your payments on a credit card or loan.
By: Brenda Langdon
