If you’re out of work, then you will have a hard time making your credit card payments. It may be tempting to start dodging the bill collectors, but that’s not the way to handle the situation at all. Even if you really can’t pay, it’s a really bad idea to ignore them, because [...]
If you’re out of work, then you will have a hard time making your credit card payments. It may be tempting to start dodging the bill collectors, but that’s not the way to handle the situation at all. Even if you really can’t pay, it’s a really bad idea to ignore them, because they won’t go away. Here are some things you should know when you talk to credit card collection companies about consolidation. Contrary to what you may think, the bank does want to work with you. Many have programs for customers who are falling behind on payments. It can’t really hurt to ask- and do it as soon as you start to fall behind.
Be honest- tell the collection agency that you are unemployed and cannot afford to pay anything. If they try to convince you to set up a payment plan right then and htere, tell them that you can’t until you start getting some money coming in.
Get everything in writing- when you call the company, make a note of the date and time you called, the name of the person you talked to, and a brief summary of the conversation. If a collector starts harrassing you, it’s documented and you can sue if necessary.
Make a plan for the rest of your life- don’t worry about the bill collectors- right now you should be worrying more about finding a job. Closed accounts and untimely payments will damage your credit score, but sometimes things like that are necessary. Of course, you should start paying what you can afford as soon as possible. When you’re back on your feet, you should call the collection agency and negotiate. Some will be willing to settle for a small percentage of what you owe, and some will be more stubborn. Pay what you can afford, and if that’s not good enough, you should call a credit counselor.
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