Terrified because I can no longer pay my min.payments...

iVillage Member
Registered: 10-20-2011
Terrified because I can no longer pay my min.payments...
13
Thu, 10-20-2011 - 8:02pm

My husband and I recently relocated to a new state. After several job interviews, my hubby got hired for a job that pays approx.

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Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011

Once you miss a credit card payment, they will raise the interest rate in addition to imposing a late fee. It will be very hard to lower your interest rate. I don't know about now, but in the past I've seen some people hit with punitive interest rates (e.g., 25% or more). Ideally, if you miss a payment, you should be ready pay the balance all at once in the near future.

Incidentally, your future minimum payments may change.

iVillage Member
Registered: 12-16-2010

Don't just stop paying on CCs or you will get big jump in interest rates.

iVillage Member
Registered: 10-01-2008

{{{{HUGS}}}}

Norma


"Patience is the best remedy for every trouble"- Plautus


Community Leader
Registered: 08-25-2006

Oh sweetie, whatever you do, keep making those minimum payments on time.

Serenity
iVillage Member
Registered: 12-31-2010

Mart -

Please be careful with what and how you deal with CC companies.

#Marie
Community Leader
Registered: 01-03-2004

Before you stop making minimum payments on credit cards look closely at ALL your expenses.

1)You pay for shelter first. Rent gets paid first.

iVillage Member
Registered: 01-02-2008

I so agree with the other posters...because I made a big mistake and when I had limited

iVillage Member
Registered: 05-28-2011
call the.cc.company and tell them you cannot pay. See if they will accept 25 or what per month. House food clothing electricity comes first. They come last. Maybe save up some cash and make a deal
Community Leader
Registered: 01-03-2004

Hi,

Be aware that when you accept a settlement on a credit card the $2,000 you "settled" will be viewed as income by the IRS and you will have to pay income tax on that next tax return. You file a 1099. Be ready!

iVillage Member
Registered: 01-02-2008

wow; someone told me that.. Is there anything else I can do??

too late for my visa

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