Nearly everybody has experienced credit card
problems one way or another. Whether you have two credit cards
or five, sometimes it just does not work out to remember the dates on all of the cards without missing out even a single payment date. If you cannot keep track of those cards and if the interest rates are simply getting difficult to track, you will want to be done with it sooner than later.
One way to tackle the problem is to transfer to a new card and find one that doesn't charge a transfer fee. There are cards which charge a minimal fee as well. The most important thing to note is how long the interest remains low in each of these cards. If you have a 0% transfer but the interest rates are low just for 14 days you may want to rethink in case you do not have the resources for payment on hand.
There were cards in the market where with 0% balance transfer
there was a reduced interest rate on offer for 14 months like Virgin cards, however the recession has changed much in the market. 2009 saw that the number of these cards available to the public dropped from 80 to 52, with just a couple of them extending to over a year on the offer.
Problems with debts can arise a number of ways. With a regular source of income jeopardized following the recession even if you have set up separate accounts automated to make payments, with no funds going in, there would be no payments made. Your APR is going to still remain high and the outstanding amount would continue to increase.
Since you no longer have a steady income, you need to look for alternate work, whatever comes your way. Take 2 or 3 jobs and work round the clock to get the money you need to pay up your creditors. Stop using those cards. They need to be paid for and is not free money during your tough times. If anything it tightens the noose when you spend without thought.
Missed payments have many implications. It starts with your credit rating suffering the minute you default. Then once you have been found to be late, you have unpaid bills and services may be stopped including further use of your card. There are also legal actions since not paying your bills can be a breach of contract in case of a mortgage or a car loan.
Finding a low interest rate balance transfer, allows for you to accumulate all of your debt in one single location and work it down. In case you cannot do so, because you already did a balance transfer and there was a clause requiring for you to pay some amount on it, try and see what assets you can liquidate to get the money necessary. You are in a tough situation and you cannot cling to objects and hope the debt will go away. You need to get back on track with your debtors or else you are going to find yourself unable to manage to get any lender or bank to touch base with you.