Credit Card Issues?

Question

I ended up getting in a rut with one of my credit cards and was not able to pay it couple months. With all the fees, there is no way possible i can pay the minimum now. the past few months ive been sending like 100 bucks each month but naturally its not getting me anywhere. since im not paying the minimum, will they turn me into a collection agency?

Answer 1

At some point, yes they will. Call them, ask to speak with a manager and explain the situation and see if they have any ideas. Otherwise you might want to consider a part time job or some other method of getting the few months behind caught up before it becomes a bigger credit disaster than it is

Answer 2

Most likey if you can't pay it yes they will.

Try calling the credit card company, see if you can cancil the card and be put on a repayment plan interest free. Some companies do this.

If not ask them to reduce the interest and repay it that way.

Credit couseling services do this same thing so if you are not making leway contact the "free credit counseling serivice in your area"

Answer 3

If you call the credit card company and inform them of your situation, they should be able to help you with a payment plan. The last thing that they want to do is call in the debt collectors since that would entail selling your debt to them at a loss. They just want to get paid back the money you borrowed at a decent interest rate.

Answer 4

They will. Contact them and ask to work out the payment plan, and close the account so you won't use the credit card anymore. If you keep on spending money with the payment plan, you will be repeating the same thing all over.

Answer 5

I believe so. But they will likely warn you first. Contact them first and see if you can make an arrangement with them. Good luck!

Answer 6

no i think aslong as u are paying something u wont go into collections.. now if u don't pay anything; they may..

Answer 7

Yes, they will.