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Hello,
I was laid off recently and so I am in a financial difficulty now. The credit cards which I have are charging high interest rate. I am struggling to make even the minimum payment each month.
So what do you people say? Could I call the credit card company to see if they could lower my interest rate or the minimum payment each month? Does anyone know the way to do this?
My situation is really tough. Please help.
minimum payments on credit cards
Hi Sabra,
So what do you people say? Could I call the credit card company to see if they could lower my interest rate or the minimum payment each month? Does anyone know the way to do this?
Yes, I think you can talk to your creditors before even defaulting on your payments. If you default on your payments the creditors may increase interest rates on your card, can charge you late fees, can lower the credit limit. So, it is better to talk to the creditor before going delinquent.
Talk to them about the financial hardship you are in, and request them for a repayment plan. Ready copies of your monthly income and expenditure to prove your inability to continue the payments. Get the payment agreements in writing.
Thanks,
Aaron
credit card payments
Sabra, you can also try settling your credit card debt as debt settlement lowers the outstanding debt amount by 40-50%. thus, it becomes much easier to pay off your debts.
Thanks