Take Notice That Trouble is on the Horizon
Credit card debt trouble is not something that is uncommon to hear about in today’s society. The average person has more credit card debt than they ever have before, and the lack of new available credit makes getting out of debt extremely difficult. There are a few ways that you should be able to notice if credit card trouble is on the horizon for you.
You No Longer Pay More than the Minimum Payment
The minimum payment is put into place so that you are able to keep your credit card in good standing, but it is extremely difficult to try and pay off your balance when you are making the minimum payment. Originally it was thought that the minimum payment was put into place to help the consumer when they were unable to make the full payment. The consumer would simply just pay the minimum payment until they were able to get back on their feet and pay off the balance. The only problem is that the minimum payment is now used as a way to keep your credit card in good standing, but between interest and a the small payment amount paying off the balance could take decades.
No Longer Paying Your Bills on Time
Missing a payment here or there is one of the first signs that you are on the fast track to credit card trouble. When you begin to miss payments it can quickly become rather difficult to catch up with your payments. Every time that you are late or miss a payment you will be charge a late of on average of around $35. This is not counting the fact that you may be charged an additional over the limit fee as well. Since you were not able to make your payment on time in the first place and now you have added around $100 more to what you already owe the credit card company you have stated a downward spiral into credit card debt.
Paying One Card with One of your Other Cards
Whenever it comes to the time that you are unable to make your credit card payments from your bank account and you need to use one of your other credit cards in order to make the payment it is a definite sign of trouble. Eventually you will have to make a payment from a bank account and if you do not have the money to cover the payment then it will be extremely difficult to try and get back on track with the payments on the rest of your cards.
Receiving Calls or Letters
When you have gotten to a point that you have started to receive letters or phone calls from agencies trying to collect your debt then you are at an extremely high risk for having major credit card debt issues. It is important to contact your credit card companies and try to make arrangements if at all possible. If you are unable to make arrangements than you may want to contact a professional for some assistance with your credit card debts before you get in over your head.
The downward spiral to financial ruin can be halted. As difficult and unsettling as unmanageable credit card debt can be, consumers can get credit card debt help. Without doubt, the safest and most effective kind of help is debt settlement or debt relief by a licensed attorney at law.
ABOUT THE AUTHOR: Melvin Singleterry
Melvin R. Singleterry, an Oklahoma licensed attorney and member of the Oklahoma Bar Association, former Judge and elected District Attorney, is a practicing attorney who specializes in consumer debt law including debt reduction, credit card debt negotiation and debt settlement, and unsecured debt relief.
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.