I just relocated and having a tough time finding employment. I am late on my credit card bills and I'm sure I'll will be late next month to. Is there anything I can do to avoid penalties?
2007-08-21 15:11:40 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
OK. This is what I did and it worked. Wait a couple of months until you can pay something on these cards. Call the cc company, explain your situation, and let them know you can pay them something. Tell them you want to regenerate your account with them. They will bring your minimum payments back to where they were several months earlier. I know it is hard when you get behind because the minimum payment jumps so high and your apr is way too high. This was a lifesaver for me. Good luck in getting this done.
2007-08-22 02:46:28 · answer #1 · answered by Jill S 5 · 0⤊ 0⤋
The monthly credit card bill might be Greek to someone who is not familiar with the credit card terminology used on it. To make sure that you understand the documents properly seven important credit card terms are explained below.
1. Amount due / Due Amount
This is the minimum payment due per month and not the total amount due on the card.
2. APR (Annual Percentage Rate )
The interest charged by credit card company on your Due amount.
3. Due Date/Date Due
It is the date by which, the credit card company expects your payment. It is essential that you abide by this date. Care should be taken to ensure that the payment reach the credit card company and you don't fall into a last-minute-rush trap. If you don't send the payment the credit card companies slap a late payment penalty on you and your credit rating might suffer.
4. Grace Period
Grace period allows to purchase items or services with out paying the interest. It is in the interest of credit card holder to take the advantage of this grace period. However, he should take care that the borrowing should not exceed his repayment capacity or he will fall into a debt trap. One essential requirement of grace period is that you should pay your credit card bills by the end of every month. If there is no grace period the interest is charged on your credit card purchases from day one. Read more from: http://www.credit-card-gallery.com/article/205,7_must_know_credit_card_bill_related_terms
2007-08-22 07:47:43 · answer #2 · answered by alexa dion 3 · 0⤊ 0⤋
Nope, you are going to get hit with late fees and if you go 30 days late, it will go on your credit report. This will have a big impact on your score.
You could try calling the credit card companies and trying to work something out but I wouldn't count on that working.
Your interest rate will probably go to the max, too.
2007-08-21 22:26:33 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
Its to late to avoid them. If you are out of work and have to make a choice of what to pay do not pay the cards pay the essentials only, like rent, electricity, gas, phone, & water. The cards can wait but call them and let them know because if you don't they will make things very tough on you. They do not like to be ignored.
2007-08-21 22:23:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Hi if I were you & I have been, call your companies you deal with & ask to speak to financing.
Explain your situation with finding work & ask if there is anything you can do through them?
Sometimes your insurance (if you have it) pays for the interest on the cards.
Good luck
2007-08-21 22:44:20 · answer #5 · answered by belligerent assistant 5 · 0⤊ 0⤋