Little Known Tips For Avoiding Credit Card Debt Problems
by: WilliamBlake |
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People who find themselves in a situation where they will have to pay off serious credit card debt often consider as many options as possible that allow them to get rid of their debt without actually having to pay their credit card bills. Try as you might, though, there is no way to eliminate all of your debts that does not involve paying them.
If you want to get rid of debt while maintaining the best credit rating possible, you will have to pay the debts; there is no other choice that will keep your credit score intact.
Ways to Keep from Paying Credit Card Debt while Protecting Your Credit Score from Serious Damage
If you have no other options, there is a way to keep from paying your credit card bills in order to be able to afford other essential monthly bills. This will only work if, despite your best efforts, you are not able to pay your credit card bills and care for other financial obligations simultaneously. This method should only be used for a very short period of time.
First, pay for the absolute essentials. This means food, transportation, child support, rent, and anything else that you have choice but to pay on a monthly basis. When it comes down to paying your rent or mortgage payment or your credit card bill, choose the one that you have to pay in order to live.
Credit card companies will usually wait 30 or more days before issuing collections or submitting your information to the credit reporting agencies as delinquent. While you may end up paying fees or higher interest rates, it can help you keep your home, car and take care of the things you have to have in order to live.
Your goal should still be to prevent the credit card companies from using collection agencies to get their money from you. That means that the time between failing to make a payment and when your account is declared delinquent should be used to arrange your finances in such a way so as to be able to afford both your current payment and last month's on your credit card.
The very limited effects prioritizing your bills in this manner will bring to your credit score are nothing compared to the damage inflicted by charge offs and filing for bankruptcy.
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Never able to pay off credit card bill at the end of the month? Find out how to get your debt paid off faster - starting right now - on the Debtopedia website. Visit http://www.debtopedia.com to claim your free copy of my special report "Secrets of Credit Card Debt" now.
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