What to Do When You Can't Afford Credit Card Payments
- 1). Stop using your credit card. If you're unable to make monthly payments, do not increase the amount due.
- 2). Call your credit card company. The phone number is listed on your billing statement, your online account and the back of your credit card.
- 3). Explain your financial situation. Let the representative know your intentions and payback abilities.
- 4). Ask if there is another payment option or plan you can get set up on until your situation improves.
- 5). Tell the representative if you are unable to make any type of payment. Be honest and remain calm.
- 6). Keep a record of every interaction you have with your creditors. Follow any plans you've agreed to and make scheduled payments.
- 7). Contact a Consumer Credit Counseling Service. Talk with a counselor and fully explain your situation. She may create a debt repayment plan for you. Plans are based on your income and whether your creditors are willing to compromise. Your credit counselor makes arrangements with your creditors. You pay your credit counseling service and they forward the payments to your creditors.
- 8). File for bankruptcy. If there is no way to pay your credit card debt and you have other payments you cannot keep up with, it may be time to contact a bankruptcy attorney. Before you file for bankruptcy, you must show your financial standing. There are income guidelines, rules about being honest with your creditors and timelines regarding any previous bankruptcies that may prevent you from being eligible. Contact a bankruptcy attorney to determine if this is a solution suitable for you.