Recent unpaid credit cards what to do?

Question

I have been unfortuantely unemployed for some time now but my wife has been able to foot the bills. We had multiple credit card bills for a multitude of reasons. In any case we had a child just this month and she has had a lot of difficulty so we got behind a month and now going to be two on our credit cards. I don't mind paying for what we spent but I don't want to be bullied either. I just got a job today but my wife won't be able to get back to work for a couple weeks due to her own complications so we will miss a second month on most payments. I need to know how to talk to these companies to get them to work for me and not steal from me which has been happening. Thanks for the help

Answer 1

I would call them and talk with someone about your situation. The worse you can do is have no communication with them. Also you may have paid for the service to help you out in the event you lose a job or are disabled and unable to work. So many people pay the $5 to $25 a month for this protection and never knew they had it or how to use it.

Congrats on the new baby, it seems things are looking up for your new family.

Answer 2

By being truthful. I assume you have used the cards reposibly over a long period of time. Explain your situation. If you have had a good clean record with the company for a long time, they will work with you and will make an exception. Most credit card companies want to know why you are late and if you are legitimate in your case, they will work with you. They want your business but that depends on your relationship with the card issuer.

Answer 3

Well you can forget about that nice interest rate that you had,

most cards you miss a payment, it goes automatically to

29 even 30%, they dont care that you were a faithfull client

for 5,7,10,15 years like I was, I got sick for 2 years, 2 operationslater, also lost my 8yr job, they dont want towork with you, so when I

get the money, I will pay, people are really going to have to

tighyen their belts thru this hard times. Since theres nobody

to really monitor and penalize these credit card companies

they pretty do much whatever the #@$% they want to.

I paid on timefor 12 years, you miss one payment and all

my 0% cards, up to 29-30% isnt thatcrazy, so know I learned

my lesson, credit is an illusion people, if I dont have the money Idont buy it, credit doesnt existtome thats my new

motto in my household.  Good luck!!!

Answer 4

First of all, you need to start with a written budget.

Every month, you need to plan where that month's income is going to go.

Take out a sheet of paper.

Top line - HIS JOB  $2000

Next line - HER JOB $0 (with the kids)

add them up - OUR INCOME  $2000

Next, list out all the expenses, in order of importance.

If you don't have enough to pay everything, the stuff at the bottom of the list won't get a dime.

Most important expense - FOOD

Next - SHELTER

And under shelter is

RENT/MORTGAGE

ELECTRIC BILL

WATER BILL

any other bills that you'd get disconnected if you miss.

Next - CLOTHES

Next - TRANSPORTATION

This includes:

CAR NOTE

GASOLINE

INSURANCE

Once you have all the basics covered, see if there's enough money.

Remember, nobody gets a dime until the essentials are covered.

It doesn't do you any good to pay visa if it causes your car to get repoed.

After that, list each debt that you owe money on.

The name of the card, the minimum, and the total.

Visa 1  $125  $5,000

Visa 2 $85 $3,500

Visa 3 $100 $4,000

Are the essentials and the minimums covered with your income?

Now, if you and your wife will both be working a month from now, then you have no need to panic.

If you still won't be able to make the minimums with both your incomes, then you need to call the credit card companies and explain the situation, and ask to get on a "repayment plan".

They'll ask you how much you make, why you fell behind, when you expect to start making payments again, and how much you can pay.

If they get nasty, tell them they're not getting a dime right now, you'll be paying off a different credit card this month.