The most helpful thing you can do when you are not able to afford to repay the balance owed on a credit card is seek the advice of a credit lawyer to find your best path of action.
Properly researching credit advice are of utmost importance. The best way to do this is get current with your local credit bureau and with all the adverts that seem to promise fast repayments with grace periods, credit line, or not at all. Always choose a reputable credit consultation company.
Once you have found the best credit consultant that suits your specific situation, then, take the time to research the industry and shop around for a well-rounded plan of action for you. This way of looking at credit is rather collaborative. To be clear, you have to take full responsibility for your financial situation if you work out your deal with a credit consultant.
The Benefits And Perks Of Having A 20-Day Credit Crunch
Do you know why you need to take a few days off from work to get a 30 percent cash back rebate on all of your purchases every single month? This is because money saved through your credit card is made available to purchase companies that profit by using your credit card for marketing purposes. The rebate is well worth it because it offsets the interest charges that you would have had on your credit card at the time.
But wouldn’t you probably be able to put that rebate into more than a few hundred dollars in the future? Not necessarily! Your payments would be reduced, and you would save on many of the same items that you currently charge on your credit cards.
If you think that your monthly credit card statement is overwhelming, here are a few things you need to keep in mind when you are about to open the credit card statement:
1. Do not spend more money than you possibly can afford to pay back!
If you find that you have high inflationary pressures around you at the moment, you may consider lowering your monthly borrowing to a lower level, and preferably by a little. Your credit card company will be happy to lend you both money and a penny if you will take the time and effort to do this. There are too many credit card companies out there with their own agendas and business practices to allow themselves access to money that is being trapped under their thumb.
2. Never pay on balance without a second mortgage!
If you have a solid financial standing but are drowning in debt, there are ways you can get yourself out of the mess.
Hence, many credit card issuers now offer the second chance. They will give you a credit card and help you get out of the mess caused by your credit card statement from day one! Remember, you need to take time to review your statement to make sure that any changes in your balance are the result of your statement not your statement getting cut up by the managers.
3. You are not allowed to open unnecessary accounts!
This can be a good thing for a lot of people as there are already a lot of things your credit card statement can’t directly add up to. However, some credit card issuers even prohibit opening accounts if you do anything illegal. Some issuers will help you if you have a serious problem like divorce or bankruptcy, don’t you wish that were a thing of the past? So by finding a way to cut this unnecessary hassle in half, if you do something that you have no intention of doing, here is a list of things a card issuer will do to have their backs:
1. You are only allowed to close up your own account if necessary, or in case you had absolutely no intention to open up any more. Otherwise, you are already under a lot of pressure to cut up the cards altogether as this will jeopardize your credit getting into any new accounts you might have open up.
2. Your debt is not to be transferred to another card issuer.
Something you may or may not have now is not the case. Your debt and the debt-to-income ratio will no doubt rise as your debts increase, but on the other hand the ratio will still increase, on average, for every $100 or $300 you spend with a credit card. When that ratio rises for every $100 or $300 you owe on credit card bills what does that really mean? It means that you will find that in just a year or so you will pay more than half of the loan for every $100 you owe on credit card fees.
3. No extra fees are charged on balance transfers
Probably the best example of this is the Discover Blue from American Express. This card offers a zero percent balance transfer charge that will apply to any transfers you make on the card that is not in US National Bank student credit category.