subject: How To Fix Your Own Credit Card Debt [print this page] Throughout the past several years, we have been facing a world wide economic recession. This economic recession has lead many consumers into financial hardships. With such tough financial times, many people find themselves looking at their charge card bills and not knowing what to do to take care of them. Looking into debt settlement and debt consolidation, many Americans find that these types of programs have a negative affect on credit scores and may push them even deeper into their financial hardship. Frustrated and not knowing what to do, many Americans feel as though there is simply no way out. Well, I've got some good news for you!
If you ask the average consumer what they think of charge card account companies, they will probably tell you that these are huge corporations that don't care about individual people. The good news is that this is not the case. As a matter of fact, charge card account companies feel an urge to assist Americans because it is those same consumers that keep credit card companies alive. Therefore, working with your credit card account debt may be as simple as a phone call to the bank! However, before we make this call, we must get prepared.
To get prepared to work with banks regarding their debts, Americans have a bit of list building to do. First, people should create a list of all the income and expenses that come in and out of their home. This includes all income with the exception of child support or alimony. The list of expenses should include all household expenses. Even food, utilities, child care and everything in between should be included in the list of expenses. Once these lists are created, it is time to make another list. This time, Americans should make a list of their charge cards including balances, APRs and minimum payments as well as the customer service phone numbers for the accounts.
Once consumers are prepared, it is time to make the first phone call. Consumers should call the customer service phone number for their highest annual percentage rate account. Once on the phone, people will have to navigate through the automate system to speak with a live representative. Usually this is option 0. Once with a live representative, consumers should say:
I am calling because I am dealing with a financial hardship and am having a hard time making ends meet. I know I owe the cash but I would like to see if we could come up with alternate arrangements that will allow me to continue payment on this account
At this point, Americans will be placed on hold and transferred to the financial hardship department. When consumers speak with the financial hardship specialist, they should repeat the statement above. At this point, the financial hardship specialist will ask a few questions about what caused the financial hardship and if Americans foresee a change in their financial situation in the short term. It is important that people answer these questions honestly. Later, the financial hardship representative will ask for the information the Americans made lists of earlier. If the consumer is truly facing a financial hardship, in most cases, the credit card account company will help by reducing the interest on the account and placing it on a fixed lower payment.
