Credit cards and store cards are a way of life for most people and they can be great for tiding you through bad times and unexpected bills in the short-term.
However, if they get out of control they can cause massive stress, despair and can even lead to depression and health problems.
It’s so easy to fall victim to credit card companies who can charge massive interest rates, late fees and ruin your credit score (leading to even more problems when it comes to managing your finances).
So what do you do if you feel your credit cards spending is out of control. What happens when you can no longer even make the minimum payments each month?
The first thing is, don’t give in to despair. You may feel you’re alone in a deep black hole, worried about how you can give your kids the love and attention they need when you are just eaten up with worry.
Fortunately Aunt Meg is on hand to lend you a listening ear and find a solution to help you through the financial swamp.
First you need to see what stage you are at with your credit card debt.
Credit Card Debt Stage 1
If you feel your credit card is getting out of control, simply cut it up. Even if you have not reached the credit limit (which credit card companies often move upwards every time you get close) you need to self-regulate.
It’s not easy, but taking charge at an early stage can make the difference between struggling back to safety or losing all you have to the bailiffs.
Credit Card Debt Stage 2
Once you have missed a payment, you will not only have extra interest added, you will also have late fees. Now despair sets in.
If you couldn’t afford the original payments, how can you meet the new higher amount?
Threatening letters and phone calls will start causing anxiety and stress.
Your credit card issuer will have reported you to the credit bureaux which may cause problems with other loans and debts.
It’s scary, and the temptation is to do nothing, but that’s the worst thing you can do.
Get in touch with Aunt Meg NOW and see how we can negotiate on your behalf for easier payments before the debt escalates to a court order.
Credit Card Debt Stage 3
Now you’re getting frequent phone calls and your credit card company may even have given up and made a charge-off.
This means they have sold the debt on to a debt collection agency who will be keen to take legal action, but this is an even bigger problem.
If you have a judgement or court order against you, you will be pressured to pay or face the bailiffs seizing your belongings or even your home.
You don’t want to reach this stage if you can avoid it, but if this is where you’re at, contact Aunt Meg today.
We have professional advisors who can negotiate with your creditor and work out a payment plan (or even settle for a low one-off payment to get them off your back).
The sooner you get help with debt, the easier it is to get help.
Don’t struggle alone – contact us today and get help with your credit card debt before it takes over your life.