We lost our main income. How do I avoid penalties or even paying credit cards?

Question

We lost our main income. How do I avoid penalties or even paying credit cards?

Answer 1

Contact the card company and explain the situation.  They may be willing to work out a payment schedule with you.

Try not to go to those "debt consolidation" companies if you possibly avoid it.  They charge onerous fees and you'll find yourself in deeper water by going that route.

Answer 2

use your savings

Answer 3

you have to pay.  they will come after you.  the sooner you call the better off you are.  it is your debt and they will make you pay.  sell what you can.  It will hurt, but it won't hurt as long if you sacrifice early.

Try to get credit protection now... make the payments you have to make as mandatory before it kicks in, and then default...

But make sure you can meet the requirements before you sign up... or you will enter the world of fraud and that is not good.

good luck.

Answer 4

Call your credit card companies and tell them what happened.  They might cut you a small break but you better figure out fast how to get some income.  Otherwise not paying your bills is the fastest way to destroy your credit rating.  

Good luck!

Answer 5

My husband lost his job and I was pregnant..we called and since we didn't have credit protection at the time there was nothing they could do. :( I wish I could give better advice. Try calling..perhaps you'll have better luck than we did with your company. We're still struggling. Good luck and sorry this happened to you.