Will my credit card companies work with me?

Question

I have 3 cards that i've recently lost control of because I just recently switched jobs and couldn't afford to pay them. I don't want to be irresponsible and just let them go, but I am about $200 over the limit on all three, which is a lot for me to pay off as I don't make a lot and I have a lot of bills. I am starting to get slapped with late fees and over the limit fees. Will the companies work with me? Any suggestions on how to get the companies to do so?

Answer 1

If you have a good history with them, call them and see if they will increase the limits.

Don't charge more than you can afford to pay off in full every month.

Answer 2

As a rule credit card companies won't "work with you." Once they see that you aren't paying the bills they will call you constantly trying to badger you into paying. But the late fees will keep racking up. Plus once you start being late they jack your interest rate so high it's nearly impossible to pay them off unless you do it in a lump sum payment (like with your tax returns).

You might be able to get a "consolidation loan" through your bank. This is a loan they give you to pay off your credit cards. But you'll have to close the accounts. Then they set you up on a 3 year repayment plan. Some banks don't want to give you a loan though if the debt is under $10,000.

Your other alternative is a credit counseling service. They get in touch with your creditors and negotiate lowering the interest rates. Downside is they close the accounts too. Upside is you pay the debt off in 2 to 3 years with one simple monthly bill. And late fees, etc. stop accruing. Plus if you do get some cash in (like a bonus at work or your tax returns) you can always call the counselors and send them more money to pay off the bills sooner.

Visit my site here for a credit counselors.

http://www.1-800badcredit.com/credit-card-debt-counseling.html
http://www.1-800badcredit.com/debt-consolidation-loans-companies.html

All credit counseling services work basically the same way so just pick the one or two you like and fill in the online application. Then they will contact you to structure the payment plan.

Good luck to you! I've been there myself and feel your pain.

Answer 3

Call them immediately, make them aware of your situation, and if you have never had problems before they will work with you,

If you have been late or careless in the past with your payments, you are unlikely to receive help from them. The worst thing you can do is ignore it.

On a side note, eliminate every expense you don't need right now, such as cable, cell phone (suspend service), etc, cut your expenses as much as possible and pay all of that extra to these credit card companies. Keep in constant contact with them and BE NICE!

Good luck!

Answer 4

Call them.... they will work with you.

They should either stop the late fees and lower the interest (you are probably at default rate) as long as you make a payment plan, or if you have cash, they may be willing to settle.

DOnt let this go on... it will only get worse with time, and it will destroy your credit. Just give them a call.

Answer 5

CALL THEM. Explain your situation and ask what can be done. Ask to speak to a payment arrangement rep. This will probably result in your cards being closed, but if you can't pay them, that's the least of your worries. Good luck!

Answer 6

Be honest and up front with them, see what minimum payments they can take and terms...your credit will be less effected if you are above board then if you let it go.
Contact the heqd of their department before it goes to credit and see what they can do if anything.

Answer 7

Call them and ask. Many companies will work with you, some will be hard-nosed.

Good luck.

Answer 8

Screw them.. They are low life's and will badger you daily.