Are You Struggling with Your Debt? Try Talking to Your Credit Card Company!

Did you know that between 2015 and 2017, overall credit card debt in America increased by 13%? During this time, people with low credit score saw a 22% increase in their debt.  As you can see, being overwhelmed with credit card debt isn’t uncommon.

If you have lost your job or have to deal with a medical emergency, you need to contact your credit card company as soon as possible if you think you will miss a payment. Most credit card companies are willing to work with a customer to help them come up with a repayment plan that suits their current situation.

If you miss a payment or make a late payment, you will be considered delinquent and your credit report will take a hit. Some delinquencies can stay on your credit report for up to seven years. If you miss too many payments, you can end up facing a debt collection lawsuit.

Credit card companies use the following factors to determine the terms of your repayment plans:

  • All of your sources of income
  • How much you can afford to pay
  • Your total amount of debt

Some credit card companies also offer forbearance or hardship programs, which will allow you to postpone a set number of monthly payments or pay a lower monthly payment at a reduced interest rate until your debt is paid off. In some cases, you might be able to negotiate your overall debt to a lower amount.

Are you struggling with credit card debt? Give us a call at (312) 313-1613 to schedule your free case evaluation with one of our creditor harassment lawyers today.

Contact Atlas Consumer Law Today

Talk to the leading law firm in the country about your rights for Free! Fill out the form below or give us a call at (312) 313-1613 and we would be happy to give you the answers you need to make informed decisions for yourself and your family.

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