Sorry to hear that you’ve been facing some challenges with your credit cards because of unemployment. It’s one of the most common reasons our clients give for why they’re having trouble with credit card debt. The good news is that there are steps you can take to catch up quickly, which I’ll outline for you now. If you have any questions, please give us a call at (844) 276-1544 to speak with a certified credit counselor so they can assist you directly.
What’s the Fastest Way to Bring Past-Due Accounts Current?
If you’ve fallen behind on credit card payments, this video explains what steps you need to take to catch up and bring those accounts current as quickly as possible. And if you have multiple accounts that are behind, there’s a solution that can help you bring them all current all at once.
If you have a credit card bill that has fallen past due, you probably notice late fees, penalties, and potentially higher interest rates on your credit card statement.
The fastest way to get an account current is to look at your statement and see the amounts due. You may also want to call the credit card company and ask them what’s the least amount you can send them to bring the account current. Once you bring the account current, the late fees will stop, and it will stop reporting late on your credit card statement.
If you’re unable to make the amount that is due to bring the account current, at least make the monthly payment to keep it from rolling more than 30 days late. In other words, if you’re 30 days behind, you can continually stay 30 days behind as long as you continue to make your monthly payment, and you do want to try to avoid it from rolling to 60 days late because ultimately, the further it rolls behind you run the risk that the account will charge off and at that point, you’ll be unable to bring the account current.
This all becomes way more complicated if you’ve got multiple debts with multiple creditors; you don’t want to fall behind on more than one card because ultimately, in your attempt to try to bring one account current, you will fall behind with others.
There are programs available through nonprofit credit counseling agencies that can help you pull those debts together into one payment, and the credit counseling agency will work with each of your individual creditors to help you bring all of your accounts current at the same time as a lot of creditors will re-age accounts after you make three payments on a credit counseling program and those that don’t the credit counseling agency can help you make the minimum amount due to bring all those accounts current, stop late fees bring interest rates down, and help you get out of debt faster.
So if you’ve got one account, call the credit card company, do the best you can to keep the account from rolling further past due. Make the minimum amount due just to bring the account current. If you’ve got multiple accounts falling past due or about to fall past due, I strongly recommend you call a credit counseling agency.