Credit Card Payment for the Financially Challenged

2007-03-08 10:33:40

( Business )



Credit cards… they let you buy things and make you feel you did not spend a dime. In no time you are swipe-happy, using your card with all merchants imaginable. Come the end of the month, you face reality: the credit card bill.

What to do when caught in a challenging credit card payment? Here’s what.

Pay the Interest
Like many credit arrangements, you may opt for an interest only loan payment. In this agreement, you can choose to pay the interest and have the base credit revolved to the next billing cycle. This will give you some more time to acquire the bulk of money you need to pay the whole credit card payment.

Pay the Minimum Amount Due
If you were a good client, your card company may be kind enough and not expect to get the lump sum of the credit card payment from you. You may choose to pay the minimum amount due, which is stipulated in your credit card bill. As much as possible, pay a little more than this minimum amount. This way, the interest charges will not be as big as when you do not pay your bill at all.

Payment Loans
If things get out of hand, you can seek help from credit card payment lenders. You can speak with several lenders and pick a payment loan plan that will suit your credit card payment circumstances and your ability to repay. Oftentimes, you will be required to present your financial information and collateral to prove your ability to pay.

Refinance
If you feel that there is really no way on the next several months to sweep your credit card payment, ask your card company about refinancing. When you refinance, the card company can give you the total amount that you owe plus interest charges and divide this amount equally in several months. You may choose a refinancing scheme that will work for as short as a couple of months to as long as a couple of years. While on the refinancing phase, the company may temporarily suspend your credit card. If they do not, it will be wiser for you to refrain from using your card or ask for a voluntary suspension of the service until you have paid your card company to the last cent.


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