Unable To Pay Credit Card

It’s that time of the month again when envelopes start arriving at your mailbox.
With all types of things to pay, you suddenly are unable to pay credit card bills that are due in two weeks. Here’s what may happen if you ignore and just set them aside. You’ll not only be bombarded by collection calls, you will also earn exorbitant late payment fees and see your APR launch to a gigantic amount in a matter of days. Two, they’ll slash your credit limit, damage your credit rating, and lower your credit score which will all affect your future credit card and loan applications. Worst case scenario, you may see yourself being sued and your wage and properties being garnished in a matter of months, not to mention the embarrassment that you’ll feel.

To avoid any of these from happening, here’s what you need to do when you are unable to pay credit card bills. If you can manage to pay for the minimum monthly payment, do so on time. Do not give the credit card company any reason to bill you with penalty charges such as late payment fees. If you can’t make even your minimum fee, call your card issuer immediately and explain the situation to them as calmly and as humbly as you can. Tell them that it’s a one-time occurrence and give them the exact date of your next payment. This will most probably result in an extended due date, a waived penalty fee, or a continued “current payment” status in your account.

Another option that you can do if you’re unable to pay credit card bills is to look for extra cash elsewhere. You can ask for an advance from your employer or borrow from a friend or family member. If you have some clothes and jewelry and other materials that you can get rid of, plan a garage sale or sell them online on eBay or craigslist.

If being unable to pay credit card bills is something you need to address seriously, then it might be time for you to consider credit card counseling. There are lots of organizations out there that offer free counseling and debt management services for people like you. They will not only help you with budget management, they’ll come up with plans for you to settle your debt with your card issuer.

There are also some ideas that may pop in your head when you’re unable to pay credit card bills. If they are any of the following, forget them. Putting off other bills and asking for payday loans are extremely bad ideas when trying to pay for your credit card bill. They will only drown you deeper in debt.

There’s really no reason to file for bankruptcy when you’re unable to pay credit card bills. There are other methods that are far more effective and helpful.


Source: Credit Cards For People With Bad Credit Rating

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