What if cant pay credit cards

If you've tried finding extra money but are still short, call your credit card company and explain your situation. As stressful as the situation is, remember that you're not the first person to get into a bind. For example, many credit card companies are willing to extend your due date or allow you to make modified payments.

If you need more than a one-time accommodation, consider asking if the issuer has a hardship program. A hardship program is a payment plan that may temporarily lower your interest rate or waive fees when a difficult circumstance hinders your ability to pay.

Be aware, though, that entering a hardship program could result in your account being frozen or your credit limit reduced. Still, it's better than having your credit trashed by defaulting on the debt.

If you have some money to spare but not enough to cover the minimum, offer to make a reduced payment. This might be enough to avoid getting your missed payment reported to the credit bureaus. These factors might make it easier for the credit card company to show you some leniency. When you're worried about how to pay your bills, many financial experts recommend taking a hard look at your budget and being clear on what expenses are most crucial.

The National Consumer Law Center categorizes credit card debt as one of the lowest priority bills, falling behind rent, utilities and auto payments. First and foremost, you need to focus on meeting your essential needs like having a place to live, food to eat and some form of transportation. If you can't pay your credit card balance, there's help available. Call your card issuer or visit their website to learn more about what help is available. Harrison , a financial advisor with Henderson Financial Group tells Select.

Qualifying for a relief program might not be as hard now as it was in the past. This means if you buy something and pay off the whole amount within this time you won't be charged any interest. But some card providers charge interest on purchases straight away, and most will charge interest straight away on money you withdraw from a cash machine.

If you miss payments, you'll get late payment charges on top of the interest. Some credit cards let you transfer the balance from another card. Also, look out for fees when transferring a balance. If you do transfer a balance, make sure you cut up the old credit card and close the account. Take two minutes to answer a few simple questions , so we can understand the best way to help you. We recommend you use our budget form to gather your details before calling.

A debt advice call takes around 40 minutes to complete. More ways to contact us. We aim to make our website as accessible as possible. However if you use a screen reader and require debt advice you may find it easier to phone us instead. Freephone including all mobiles. Home Debt information Types of debt Consumer credit. Credit card debt. Worried about money? We're here to help. Many credit counseling organizations are non-profit. Before you sign up, ask if you will be charged, how much, and what services will be provided.

Watch out for for-profit debt relief companies that: Charge fees before they settle your debts Give a guarantee that they can make your debt go away Tell you to stop communicating with creditors Tell you to stop making your minimum payments.

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