Protecting Your Credit Rating During Economic Troubles Part 2
With the overall economic condition of the country and the world, it is not surprising that more and more people are struggling to pay their monthly bills.
No matter how hard you try, you may find yourself in a situation where you just can't make all the payments you need to make to keep your head above water one month.
If this is your situation, you need to take some steps to try and lessen the impact of these hard times on your credit report.
Call the Credit Card Company The first call you should make when you know you are going to be late on a credit card payment or pay less than you had been hoping is to the credit card company.
You need to let them know about your personal financial situation and that you are trying to fix it.
Some of the best credit cards will work with you through this hard time.
They may be able to lessen your minimum payments so you can afford them or even give you a couple month holiday on your payments so you can catch up.
Ask for Assistance If you are not great at finances, you may need to make a call to someone who knows more about these things than you.
Many people turn to family and friends who know the money industry better to help them work out a budget and payment options.
Another possibility is to contact consumer credit counseling services.
While some companies will charge you a lot for this service, there are a number of free or discounted services out there, so you don't have to spend more to try and sort out your money.
Not only can they help you get a handle on your debt, but they may also be able to negotiate with the creditors to lessen what you owe.
Don't Ignore the Mail Many people push those credit card late notices aside.
Maybe you are getting creditors letters that you are ignoring.
Stop that! You need to respond to all the correspondence that is sent to you.
If your case ends up in court, it will look much better for you if you have been responding to their messages and trying to fix your situation.
What's on Your Credit Report? The final thing you need to do during these tough times is to keep an eye on your credit report.
You need to make sure the only dings on the report are the ones that belong there.
Additionally, knowing what problems you have on your credit report will give you somewhere to start when you can start working to improve it again.
No matter how hard you try, you may find yourself in a situation where you just can't make all the payments you need to make to keep your head above water one month.
If this is your situation, you need to take some steps to try and lessen the impact of these hard times on your credit report.
Call the Credit Card Company The first call you should make when you know you are going to be late on a credit card payment or pay less than you had been hoping is to the credit card company.
You need to let them know about your personal financial situation and that you are trying to fix it.
Some of the best credit cards will work with you through this hard time.
They may be able to lessen your minimum payments so you can afford them or even give you a couple month holiday on your payments so you can catch up.
Ask for Assistance If you are not great at finances, you may need to make a call to someone who knows more about these things than you.
Many people turn to family and friends who know the money industry better to help them work out a budget and payment options.
Another possibility is to contact consumer credit counseling services.
While some companies will charge you a lot for this service, there are a number of free or discounted services out there, so you don't have to spend more to try and sort out your money.
Not only can they help you get a handle on your debt, but they may also be able to negotiate with the creditors to lessen what you owe.
Don't Ignore the Mail Many people push those credit card late notices aside.
Maybe you are getting creditors letters that you are ignoring.
Stop that! You need to respond to all the correspondence that is sent to you.
If your case ends up in court, it will look much better for you if you have been responding to their messages and trying to fix your situation.
What's on Your Credit Report? The final thing you need to do during these tough times is to keep an eye on your credit report.
You need to make sure the only dings on the report are the ones that belong there.
Additionally, knowing what problems you have on your credit report will give you somewhere to start when you can start working to improve it again.
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