What should I do if I can’t pay my credit cards?
Recently, during one of our Live Q&As over on our Youtube channel, a viewer asked what they should do if they could not pay their credit cards.
What can be done to get a handle on this situation?
First, I would recommend that you contact your credit card company.
They may have policies in place to help. These may be general hardship policies or Covid-19 specific policies that could help with your situation.
Ask if the company can do anything to help you – lower the payments, reduce the interest, or even pause the payments for a certain amount of time.
Ultimately, if you are unable to pay the credit cards and they are unwilling to work with you, you may face bankruptcy (which means the credit card companies get nothing), or the creditor will turn you over to collections (this can affect your credit) and you may settle the debt.
Call first. Tell them about your situation.
Tell them the event that has prompted this position where you are no longer easily able to pay.
If this does not work, then talk to a consumer lawyer to find out your options in your state.
A consumer lawyer who has dealt with many credit and debt collection companies will be able to provide more advice specific to your situation.
If you live in Alabama and you have any questions, feel free to get in touch with us.
We would be glad to help you in any way we can.
You can reach us by phone at 1-205-879-2447, or you can fill out a contact form and we will get in touch with you quickly.
To catch more of our live Q&A sessions, be sure to subscribe to our YouTube channel.
Thanks for reading, and have a great day!