Having Problems Paying Your Bank Credit Card Bill?
One of the best things you can accomplish during an economic disaster is to save your credit.
Finding yourself in a position of not being able to pay all your bills is tough, and sometimes it means making tough choices. If your financial picture suddenly changes and you know that means your budget will snowball toward disaster, it's better to sit down with your bills and make a plan as soon as possible. The best thing you can accomplish during an economic disaster is to save your credit. When your household economy improves, you may need your credit to help you get back on your feet. That's why it's important to work with your bank credit card company.
Call the credit card company - The most powerful weapon you have is information; what you can learn, what they will tell you, and what you tell them. It's best to call early in the process, explain your change in financial status, tell them you will do everything you can to stay current, and ask for options. Traditionally, credit card companies don't like to make deals until the customer is in arrears, but by taking a proactive stance, you may be able to work out a temporary deal that allows you to keep your credit intact in case of emergency or to speed recovery.
Understand the rate structure - Before you approach the bank credit card company, find out everything you can about their rate structure. In many cases, they offer lower rates to some customers. If they offer lower rates to anyone for any reason, you may be able to use that as a bargaining chip. As for introductory rates for six months, reduced payments, or a few months of payment deferment. Some companies may be willing to move payments to the back end of the loan. They will be more inclined to work with you if you have an active plan of action that demonstrates a near-future ability to pay, along with a commitment to do so.
Make a payment plan - When you're in financial crisis, it can feel like you're all alone out there, but today's reality is looming economic disaster for millions of people. Don't feel embarrassed or ashamed to make the call. Bank credit card companies and other credit agencies know that their best bet to recovering anything is a cooperative customer. Just remember, it takes a lot longer to rebuild shattered credit than it does to destroy a good credit rating. The key is balance. Work out you how much you can pay, tell each creditor what you can and cannot do, consolidate where you can, and stay in touch with creditors. If you've got any tips or experiences with bank credit card companies you'd like to share, please let us know. We are all in this together.