If you are having problems meeting your credit card payments, don't wait for late payments and charge-offs to send your credit score spiraling downward. Proactively dealing with credit card problems can help you avoid credit chaos.
Stop the Cycle
If you are having credit card problems, the first proactive step you must take is to stop using credit. Take a hard look at your expenses, cut out anything that is not completely necessary and pay for the rest in cash.
Make Contact
Sometimes making even the minimum payment on your credit cards is impossible. If you have reached this point, don't just throw away your monthly credit card bills. Instead, reach out to your creditors and let them know that you are unable to make your payments.
Negotiate
Credit card issuers know that something is better than nothing. If you are unable to make minimum payments, ask credit card issuers about reduced monthly payments or reducing your interest rate. These changes may be temporary, and may require you to cancel the card.
Credit Counseling
Before your credit card problems escalate, seek credit counseling from a certified consumer credit counselor. The National Foundation for Credit Counseling can recommend free or low-cost counselors who can help you to negotiate with your debtors.
Tags: credit card, your credit, card issuers, card problems, credit card problems
