Talk to Your Credit Card Company

Talk to Your Credit Card Company

Talk to Your Credit Card Company

Credit cards are easier than ever to get and use. For some, the credit card is a life saver helping them to survive until the next paycheck. For others it is an absolute necessity due to a job loss. Yet for others, it has become an overused habit, where it is used for every purchase. The credit card can be your friend helping you to build a higher credit score. It can also become your enemy when balances are not paid off within the allotted 30 day time frame. Missed payments result in late fees and if continued to be missed cause the debt balance to grow larger and larger overtime.

Many who use credit cards without constraint find themselves deeply in debt before they realize it. But there are also many who have arrived there because of circumstances that are out of their control, such as an unemployment situation.

Whatever the cause of your credit card problems, if you are deep in debt, there are some things you can do to help to relieve the burden. The obvious ones are to cease using the cards and examine closely your spending. A budget can help you to gain and maintain control of your income and expenses. Consolidation of debts can reduce interest rates. Even after going through the steps of consolidating debts and establishing a strict budget, the debt may be still so large that you are unable to make the minimum monthly payments. If this is the case then you need to contact the credit card companies.

Some mistakenly assume that card companies will not talk to you unless you are behind on payments. This is not true. Credit card debt negotiation is not easy, but often, if you contact them before you are in dire circumstances and explain the situation, they will explore the options with you and try to help you so that you can continue to pay down the debt. The last thing they want is for you to stop making payments altogether. This means that they may be willing to reduce the interest rate during your hardship or work out a smaller minimum payment. But if you don't ask, you won't know what they can or cannot do for you.

When talking to credit card companies, be honest. Lying or stretching the facts of your situation can only result in making things worse, especially if you are caught in your lies. It is never worth the risk! Be straightforward with the details of why you are unable to make your payments. If you are honest, sincere, and courteous, the person on the end of the telephone will be more likely to be sympathetic and willing to try to help you.

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