I messed up paying my credit card and now they want the whole balance...?

Question

I have about 4600 on my credit card and due to financial difficulties and a history of late payment they now want the entire balance. I wasn't able to pay them for about five months.I haven't had the guts to call them to see if I can still work out a payment plan. What can I do? Obviously I don't have 4600 to pay them on hand.

Can I get another credit card with another company, pay off the balance and start paying down the debt that way without angry citibank bugging me? I can now afford monthly payments to an extent (nothing outrageous but enough to pay down the debt) but given my history I don't think CitiBank will let me do it now.

I know the payment gap will show on my credit report but will it stop me from getting another card just to appease citibank. I know the interest rate will be ridiculous but the company won't be so anal about really high payments due.

Any suggestions? And no lectures on the evils of credit cards. I've learned my lesson. Still have to pay

Answer 1

Call them immediately and tell them that if they want their money they're going to have to work with you on a fair basis. Ask for a reasonable interest rate and payments that you can afford in order to set about the task of paying them off. Another cr cd to replace this one is probably out of the question. Obviously. doing nothing is the worst path to take as you have already learned.

Answer 2

Borrowing from one company to pay another is not the way to go. I doubt that another credit card company would take you anyway. You need to call a credit counslor or debt consolidation company, who can talk to the credit card company and help to get some monthly payments you can afford.

Answer 3

See a financial advisor first visit is usually free or work out a payment plan for as much as you can afford with them they usually will work with you if you pay faithfully