If you are swamped with credit card debt and feel as if you will never be able to satisfy your bills, you may be encountering daily stress and anxiety whenever you try to think of ways to raise money needed to pay the balances owed. Take a deep breath, sit down, and consider the options below to help regain control of your finances.
Meet With A Credit Counselor
Make an appointment with a credit counselor. Gather up your credit card bills and bring them along with you to the appointment. A counselor will look through your bills and calculate how much money you are responsible for paying each month. After providing a counselor with details pertaining to your income, a counselor can help you create a budget that will allow you to save money that can be applied toward your bills.
A budget will require you to live within your means, and you may have to forego special treats or luxuries until you have a better handle on your bills. If you have negative marks on your credit report, a counselor may suggest that you dispute information that is not valid or provide a reason for each negative comment that is listed.
Contact Credit Card Companies And Request Lower Payments
If you are struggling to come up with minimum payments each month after attempting to follow your new budget, call the credit card companies to discuss payment options that are tailored to meet your needs.
If you are honest with a representative from each company and tell them that you are currently experiencing financial trouble, you may be offered reduced payments or the interest rate for each of your cards may be lowered or temporarily eliminated. If you are offered a break from each company, do your best to satisy the terms for the new arrangments so that you remain in good standing with each credit card company.
Seek Legal Advice
If all your attempts to handle your debts seem to be in vain and you feel as if your options have run out, meet with a credit card debt lawyer to discuss your financial situation. A lawyer will need to see documentation of the debts owed, payments that have previously been made, and a copy of your credit report. Based upon your personal situation, a lawyer will provide you with viable ways to eliminate debt.
The lawyer may suggest that the debts should be consolidated, which will make you responsible for one payment each month instead of numerous payments. A lawyer can also advise you concerning bankruptcy if you would like to file for bankruptcy in order to remove the debts owed.
Talk with a lawyer or go to sites of professionals for more information and help.