You have been a faithful credit card holder ever since you opened your first account. Sure, sometimes you tend to splurge a little bit and go beyond the amount you can pay back frequently, but you have always been able to get out with a little time and perhaps some help from family. So now you are living well on credit and you try to pay all of your bills on time and in full.
Still, you happened to see this really expensive thing that you just absolutely had to have, so you bought it with your credit card. Oh yeah, you can make the payment, right? It's just a little higher than the normal amount you allow yourself to spend.
But then you get the credit card bill at the end of the month, and the payment you have to make and make soon is way higher than you ever thought it would be. What now?
What are you going to do now? There is no one to help you pay the bill because it's too high, and no one you know could ever afford to loan you that much cold hard cash. So what are your other options? Well, there are a few things you can do to get out of this.
Sometimes your credit card company will allow you to fudge the rules a little bit if you call in to them and tell them why you are not going to be able to make the payment on time, or that you can't make it in full right now. Creditors will sometimes rearrange and renegotiate your payment plan so that you can make the payment not necessarily in the same amount, but have an extended period of time to pay a smaller amount in. If creditors will not allow you to do this, you will have to resort to another option.
One thing you can do is to ignore it completely and hope it goes away. In 99.9 percent of all cases, this option never works. Your credit card debt will not go away just because you ignore it.
If you do not make your payments, creditors will eventually drop the idea of bothering you about it and take your case to court. If you do not have a valid argument, you will lose the lawsuit. That allows for the credit card company to take away some of your possessions in order to compensate for the debt you owe.
One option that many take is bankruptcy. This is a resort that takes away some of your assets as well to pay off your debt. This will also do damage to your credit score and make it more difficult for you to get credit in the future.
