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Help With Credit Card Payments

 If you have trouble making credit card payments and need help, you may have several options.

Credit card payments can put a strain on your finances. It can be tough deciding between making your credit card payments and some of your other expenses each month, especially when an emergency occurs. Credit card minimum payments rose in January 2006, which has added even more stress.

There are several options that will give you the help you need to manage credit card payments. Each one may be more or less feasible for you, depending on your personal financial situation. 

If you are unable to make your payments, then your options include credit counseling, debt settlement or bankruptcy. If you choose to avoid your creditors altogether, you are risking a judgment. Judgments are a pretty severe credit item that can destroy your credit. Bankruptcy will ruin your credit, but it can give you a fresh start. Eventually you can pursue credit with reasonable terms once the bankruptcy drops off your credit record. That could take 10 years. 

Debt settlement can reduce the amount you have to pay, but your credit is still damaged. Furthermore, you have to pay taxes on any forgiven debt. This is automatically reported to the IRS by your creditor. To make matters worse, debt settlement is expensive and accomplishes nothing more than you can do on your own. 

Credit counseling can help you bring accounts current, stop late fees, over-the-limit fees, re-age your accounts and lower your payments. A credit counselor can help you with your credit card payments by developing a debt management plan to help you afford your debt payments and reestablish an on-time payment history. It can also help you more rapidly reduce your outstanding debt. Lower payments can help you make your credit card payments. Lower interest can help you pay off your credit cards even faster. Most credit counseling agencies offer automatic bank drafts for free, which can help you make your credit card payments on-time. 

If you need help with making your credit card payments, Personal Financial Network as well as other reputable credit counseling agencies can help you develop a plan to manage your credit card payments. Sometimes, you just need some guidance. We can help you develop a strategy to pay them off on your own. If you do need a debt management plan, we can help you with your budget and consolidate your credit card payments into one monthly payment. Either way, you can finally get the help you need with your credit card payments.