Having Trouble paying Your Credit Card Bills?
If you have looming credit card bills that you can't pay, you are not alone. When you find yourself struggling to put food on the table, it's far too easy to decide not to pay the interest on last year's Christmas presents, or worse, to charge all your other bills until you run out of credit..and end up deeply in debt. If you've already done that and now you're justifiably in panic mode, we understand, and so do millions of other Americans in the same boat. That's the goal of icantpaymybill.com, to help you figure out the best way to handle the bills you can't pay.
Time to negotiate - Credit card companies often exercise predatory practices, but the economy has forced them to change their approach – good news for you. Consumer default is killing the goose that lays golden eggs and they know it. When you are dealing with a credit card company, it is in their best interest if they can get you to continue to pay. So put on your lets-make-a-deal hat and make that call...before you miss a payment. The earlier you make the call, the more time you have to negotiate.
Paying the minimum - Any credit company will accept minimum payment, which is generally only the interest on the balance. While this may float you along for a while, the principal never goes down. Ever. This might be acceptable for the short term, but it's not a healthy approach over a long period of time. If your credit is good, you have a number of options to dig yourself out without damaging your credit. Start by examining your budget carefully and gathering some information. Here are some general tips:
- Will moving your due date to earlier or later in the month help distribute your bills more evenly? If so, ask the company to do that.
- Ask for a reduction in your interest rate. Do your homework before you make the call and find out the lowest rate that the company offers and ask for it. Point out how long you've been a customer and your history of on-time payments.
- If they won't negotiate, look into moving your balance to a new, lower interest card or bank loan.
- Never engage rude or intimidating customer service people. If you do not like the person you're talking to, ask to speak to a supervisor or hang up and call back. The odds that the same person will answer are astronomical. It's more likely your next contact will be in another state – or even in another country.
Your most important weapon in a budget war is information. We here at icantpaymybill.com pledge to do our best to provide the information you need to get your budget in line and pay your credit cards down. If you have experiences, tips, or information to share, please do. We'd love to hear from you.