Having Problems Paying Your Department Store Credit Card Bills?
If you find yourself in budget trouble, it can be easy to overlook department store credit cards.
Paying for clothing and other purchases may not seem as important as your living expenses, but ignoring them can have serious consequences for your credit and exorbitant charges can add up fast. Department store credit cards carry some of the highest interest rates of any type of credit. So what can you do if you can't pay your store credit card? We at icantpaymybill.com are diligently exploring every option to bring you information on all the cards we can identify. But there are a number of steps you can take to mitigate your payments and make the most of your budget regardless of what store you owe.
Before you do anything else, cut up your store credit cards. If you don't have them, you can't use them. Then contact the company and be honest. Yours will not be the first tale of financial woe they've heard. The economy and high unemployment has tanked the finances of millions of consumers across the U.S. Most stores will have a loss mitigation plan in place for customers in trouble. Work out a minimum payment that you can afford. You may also consider shifting the store account balance to a lower interest credit card or consolidation loan if you have one. Consider it triage – stop the hemorrhaging before it irreparably damages your credit. If the company or store seems unwilling to work with you, keep trying. Ask for a supervisor, or call back until you find someone with the authority to deal. Your options may include a reduced settlement with a lump-sum payment, minimized payments, or an deal to lower the interest rate, either permanently or temporarily. It make take some time and a lot of calls to forge a reasonable arrangement, but most companies recognize that making a deal is better than losing any possibility of repayment.
When you are in a financial crisis, the most important thing to do is communicate with your creditors and work out a realistic payment schedule you can keep. They want to know that you sincerely want to pay the bill. If you make a good faith effort and keep the payment schedule you agree to, they will work with you. It may take forever to pay down the balance, but small payments will maintain your credit until your finances improve.
Check our resource section for specific information about your store credit card, and please share any information, tips, and strategies you have for paying department store credit cards. We'd love to hear from you, and if you'd like us to investigate a particular store credit card, just let us know.