It is scary when you are unable to make even the minimum payments on your credit card bills. If you are a few months late on multiple payments, you may be panicking. You may not think you will ever be able to catch up.
However, you do not need to give into the fear. There are various actions you may be able to take to address your credit card debt. Here are some steps you may want to consider if you are falling behind on your credit card payments.
1. Contact your creditor
It may feel strange and intimidating, but one of the first things you may want to consider is get in touch with your credit card issuer. Your credit card company cannot help you if you do not ask for it. According to U.S. News, here is what you should discuss with your credit card issuer:
- The reasons you are falling behind, such as a job loss or medical emergency
- When you will be able to make another payment
- Whether you are able to pay any amount right now
Some credit card issuers have hardship payment plans to help people like you get back on track.
2. Try to get some extra money
It can be very important to try and get current on your payments. If your current income is not sufficient, you may want to look for other ways to earn some cash, such as selling unwanted items, babysitting, cutting lawns, or cutting out a monthly expense such as a gym membership or cable.
3. Get outside help
If you realize you are not able to even satisfy the minimum payments, you may need to seek debt relief solutions. Do not feel shame for taking more serious action when it is necessary. Depending on the circumstances, you may need to think about filing for bankruptcy. Declaring bankruptcy could help wipe out your debt and stop creditors from harassing you. In some cases, it may be the most effective way to get a fresh financial start.
