The content is accurate at the time of publication and is subject to change.
The recession left the industry and consumers in a bad spot. Many people found themselves struggling to hold onto a steady job, and a source of income. Following layoffs what used to be a way of life became expensive. What made things worse was that existing commitments seemed to make the bills seem larger than life. You are not alone in worrying about and looking for ways to sort out your monthly credit card payments. Credit card debt is something that is very common in America and it does not have to spiral out of control. You can find a way to beat the heat.
Firstly you have to make sure you have some kind of a plan in place. You can call your creditors and talk to them to see what they are willing to work on with you. You can get debt counseling services and figure out a resolution for working out your monthly bills and bad credit. Within 7 years these bad marks will be off your record for good and in the meantime you can work on improving your score.
Credit card debt consolidation is one method many people opt for. With too many credit cards, different due dates and high and low interest rates, consolidating the debt would be a wise move. The net payment you make on one go will be much better than the multiple payments at different interest rates. There is of course a question of whether you can afford a consolidation that is secured or unsecured. See where you stand and take the best offer you get, get cracking on those bills.
Scrutinize your statements. There are plenty of occasions where there have been errors and wrong entries or mix ups with credit statements. You need to spend time checking your statement and if you find there are miscellaneous unauthorized entries you must contact the credit union and ask them to clarify. Until the proceeding is completed you are not required to make payments and they cannot solicit you about the payments either. Credit cards can also make for a lot of confusion in terms of the agreement and conditions. It can be difficult but you must read and clear all the terms on it before signing up for it. It comes with an interest rate and annual fees and paying for it is no child's play, so know what you are getting into.
Bad credit can also be sorted out through a balance transfer. There are many companies competing to offer the best rates for this and if you can find one that fits your needs, then go ahead and get it done. There will be balance transfers that are free of cost, zero interest and with no annual fees involved. If you know what you want then doing this will save you a lot of money. Make sure you also are aware of the period until which the low interest or 0 interests is applicable. You could be in a lot of trouble otherwise.
