How long does a credit card company wait to knock on your door to ask for a payment?

Question

It's been 3 months and I don't have any money to pay my credit card off with. What should I do?

Answer 1

Call my friend Gary Coleman over at 800 Cash Call. He'll put $10,000.00 in your checking account in less than 24 hours. Payments??? About $200.00 a month. Even you could afford that! Make the call, get the cash.... tell the credit card people to take a hike, you have money!

Answer 2

You need to call the credit card company. They may have already frozen access to the card (this is common if you are 30 days late with a payment). You would know by this time if that's the case. If you're not sure, check your most recent statement. If "Available Balance" reads $0 and you know you have not maxxed it out, then the account is frozen.

Remember that you aren't required to pay OFF the card every month, unless it's a traditional American Express card or other "no spending limit" type of card. Pay what you can, when you can, and at least the minimum payment due. Often this is only 3-4% of the outstanding balance. If your minimum payment is huge right now, it's possible your lender has added late fees (and over limit fees, if applicable) to the minimum due. You must find a way to pay this to get your account back in good standing. Companies that do this will generally NOT negotiate with you.

Also, your credit isn't exactly "ruined" yet. But you need to be careful. Stop borrowing money, for starters. Then pay off what you can, as quick as you can. If your job offers Direct Deposit, take advantage of that. Have the credit card company deduct a specific amount (yes, even $20 or $30 is OK) each time you get paid, or set up an automatic payment through your bank to the credit company. You're less likely to not have the money if it's already gone before you see it. If you show a good faith effort, it's more likely you'll catch a break.

Most credit cards calculate interest on an average daily balance. If you pay smaller amounts, more often, that average balance is lower. That means you will pay less in interest over the long haul.

Credit counseling might be an option, but ONLY if you owe more than $10,000 in credit card debt. If you have student loans, don't count those, as they are government subsidized and can give you a bit of a tax break each year. Look at your situation carefully, and don't be afraid to ask your parents or trusted friends for advice. DO NOT do anything rash, as some decisions can take years to recover from (i.e.: bankruptcy takes 7 years to clear from a credit report).

Answer 3

They don't come knocking on your door. Don't answer the phone...
I would make a payment even if it's 10 or 20 bucks. Let them know you are having some issues right now and you will be late but are going to pay your bill.
Just pay whatever you can.

Answer 4

Depending on how much it is you should contact one of those debt counslers they pay off you bill and you pay them back over time x amount a month. But after 120 days is when the will sell you debt to a collection agent who will reposes or demand you pay him. My best bet call for help from someone like care one credit councling. etc

Answer 5

Quit using the card. Call the company and explain your situation.

Answer 6

You don't want to find out, because your credit is already ruined.

Answer 7

doesnt your credit score just go down?