Posted on
June 24, 2009
at
12:15 am
my credit card bills are sitting there and so am i. i know this can only get worse and with all the other things going on in my life, i just don't have the energy and the face to deal with them, and so i come here. can anybody please advice? im already feeling very depressed.
Posted on
June 24, 2009
at
12:32 am
it's good that you came in here. at least you know that ignoring the situation would just lead to more problems. by acting now you can minimize the damage that those debts would to your credit report. if your payment history with your creditors has been good until now, there is a good chance for a negotiation. try to work out a temporary agreement with then -with regards to your monthly payment, interest rates, and their other fees.contact your creditors right away.
Posted on
June 24, 2009
at
1:37 am
I agree, do talk to your creditors and find out how you can avail of their hardship program. Especially now that President Obama has signed into a law a credit card bill that tackles interest rate increases ( creditors can now only raise rates if consumers are more than 60 days late on their payment) and penalty fees (they can only charge you for over-limit fee if you've asked for it and if they are delayed with crediting your payment, they can't charge you late fees)
Posted on
June 24, 2009
at
1:44 am
what is a credit card hardship program?
Posted on
June 24, 2009
at
2:02 am
A credit card hardship program is an agreement between you and your your credit card company with regards to your payment plan(it can be smaller payments for a longer period of time) and/or your interest rates (they can reduce or freeze) and sometimes even your principal amount can be negotiated too. Your worries would be lessen as you keep to the agreement, you'd eventually feel much better knowing that you've taken steps to eliminate this particular problem. The best of luck with the rest.
Posted on
June 24, 2009
at
2:06 am
If you really can't deal with the creditors yourself, why not fill out one of the forms here, and speak with a professional debt consultant? It is for free and they can better advice you as to what to do tailor-fitted to your financial situation.
Posted on
June 24, 2009
at
2:09 am
i will consider that, thank you. what is the worst that could happen to me if im unable to pay on time? what should i expect to happen?
Posted on
June 24, 2009
at
2:24 am
The credit card company may/will sell your account to one of the many collection agencies, and you would be hounded by calls, and the longer you don't pay your debt (it doesn't really go away on its own), the more it would ruin your credit score.
Posted on
June 24, 2009
at
2:26 am
the creditor or collection agencies can sue you...
Posted on
June 24, 2009
at
2:30 am
I agree that they can sue you but it does not have to get to that point and even if it gets to that point you would still have a chance to defend yourself. You would of course need the services of a lawyer for it. And before you even ask if it is possible for you to go to jail for it, the answer is, only if you have been charged with fraud. Otherwise, the worst thing that could be handed you is a judgment. A judgment can be a bank levy, wage garnishment, or a lien on your property.
