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Iris
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Subject: What to do if I am unable to pay CC bills?
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Tue Jun 30, 2009 4:32 am
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| I am a single mom and have been laid off from job recently. I have not paid my credit card bills for the last 3 months. Can the credit card company close my accounts or stop all transaction? It won't be very long before I get another job. Can I ask them to hold payments for a few days? I won't be able to meet the household expenses without a credit card. Can I set up a payment plan even after I get a job? Because I know it will be almost impossible to pay off the full amount at once. |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Tue Jun 30, 2009 7:00 am
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Hi Iris,
If the credit card issuer feels that your accounts are a loss for their company, they may close your accounts. You should contact the credit card company as soon as possible, and try to explain your situation to them. If you are able to talk to the manger of the company, you can request him to reduce your minimum payment. You may even follow up in writing, clearly mentioning the exact amount you can afford to pay each month.
If you have been a good customer until you were laid off from job, the company may agree to your terms. You should also mention in your letter, how soon you expect to be employed and how you plan to repay your debts. Some companies would not want to lose loyal customers, so they may allow you to continue using the credit cards.
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Looking forward to a debt-free life. |
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Moore
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Subject: hardship programs
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Wed Jul 01, 2009 5:54 am
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Hi Iris,
I have heard that many credit card companies have "hardship programs". These hardship programs help those who are unable to repay their credit card debts. They generally have reduced interest rates. Sometimes it is also possible to get the late fees and other penalty charges waived off. You can call your credit card issuer, and ask to be placed on their hardship program (if they have any). |
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internet15
Joined: 16 Apr 2009
internet15's page
Posts: 51
2439 Magic Points
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Wed Jul 01, 2009 12:47 pm
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If the people unable to pay credit card bills this means that you have nothing to be ashamed of if the bill has come due and you find that you can't afford to pay it. If this is the first time that this has happened, it is understandable that you might feel panicked.
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