What should I do if I can’t pay my credit card bills?

Many card companies are willing to work with you to change your payment if you’re facing a financial emergency.

What steps can I take to manage my credit card bills?

Here are a few steps you can take to get your credit card bills under control.

1.

Add up your income and expenses

Look for ways to cut costs. If you can’t find enough to pay your minimum payment, decide how much you can afford to pay.

2.

Call your credit card company

When you talk to your credit card company, be sure to clearly explain:

• Why you can’t pay the minimum
• How much you can afford to pay
• When you could restart your normal payments
• What new payment amount you are requesting and for how long

3.

Consider credit counseling

If you need more help, credit counseling organizations can work with you on managing your money. Many credit counseling organizations are nonprofits. Before you sign up, ask if you will be charged, how much, and what services will be provided.

4.

Watch out for debt settlement or debt relief companies

For-profit companies often advertise that they can arrange reductions in your debts or settlements of your debts, for a fee. Some of them charge up-front fees in return for promising to settle your debts. A debt settlement company is not allowed to collect fees before settling or resolving your debt. Other warning signs include:

• Guaranteeing they can make your debt go away
• Telling you to stop communicating with your credit card company
• Telling you to stop making your minimum payments

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