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Can not pay CC min balance?

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atteetude76



Joined: 10 Mar 2010
atteetude76's page
Posts: 1



32 Magic Points

Subject: Can not pay CC min balance?
 
Posted on Wed Mar 10, 2010 8:40 pm  

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?
NightStar



Joined: 10 Mar 2010
NightStar's page
Posts: 142
Location: Illinois


3176 Magic Points

 
Posted on Wed Mar 10, 2010 9:07 pm  

Sometimes creditors are awful refusing to help until you actually start missing payments.

I seen this recently advertised on TV, it was for a national all in one source for dealing with a few of the major credit card companies:


http://www.Helpwithmycredit.org

1-866-941-1090

Help for consumers having trouble making payments on their credit cards it covers Capital One, Citi Bank, Bank of America and Discover in cooperation with MasterCard.
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NightStar



Joined: 10 Mar 2010
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Posts: 142
Location: Illinois


3176 Magic Points

 
Posted on Wed Mar 10, 2010 9:12 pm  

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.
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Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: credit card company
 
Posted on Thu Mar 11, 2010 7:07 am  

Hi attetude,

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.

Hope this helps.

Regards,

Aaron
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