My husband was recently layed off and we are barely make ends meet. Im not able to make the min payment on my cc. I have called the cc company explaining my situation and they said my income to outcome showed i could make the payments and that they couldnt help me. What should I do now? I dont want to be late every month then get hit with a late fee and then an overlimit fee. Should I close the card?
I wanted to say if you deal with a CCCS company make sure they are non-for-profit.
Make sure all creditors agree to the terms set by the CCCS
Make sure all of the due dates fall after the date the CCCS sends payment out.
Credit Counseling notation will be added to consumer credit report. But it will be removed off of the credit report at the completion of the program.
If you can't use the credit counseling, you might try to see if you can apply for a zero interest balance transfer card and move the debt over to buy you some time to catch up on payments. Some people just leap frog debt staving off interest each time a bt offer expires. It is not so easy to do that these days, credit card companies are more tight about granting new credit these days. Plus if you have high balances it might affect utilization making you ineligible for new card approvals. _________________ Credit Cards Credit Reporting Information Credit Repair Info
First make a copy of your monthly income and expenditure. Send a certified letter to the creditor mentioning that you are facing financial crisis. Attach the copy of your monthly income and expenditure. Request them to lower the minimum payment. Send the letter through certified mail, requesting a return receipt.
You should also try to lower your expenditures and save more money. Lessen the utility bills, luxury services (if any), lower phone bills, cut cable/satellite costs.
Other than this, you can try the balance transfer, as mentioned by Nightstar. However, nothing works, you may have to file for bankruptcy.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.