Are You Behind On Your Payments??

Posted on February 14 2008

It is so easy to fall behind on credit card payments. One missed payment then all of a sudden they have added on late fees, a double payment and many times an over the limit fees, now the minimum amount due is huge… what can you do?

Many times if a person cannot afford to pay the minimum amount due they often times won’t make any payment at all. For a lot of creditors if you miss three consecutive payments (sometimes even less) they will charge the account off, meaning they will send the account to a collection agency. So please make a payment as soon as possible, even if you can’t make the full payment amount they are requesting, a smaller payment may help keep the account from aging to a charge-off status.

Debt Management can help you with budgeting, possibly lowering the monthly payment and in many cases lowering the APR as well. If the account has been charged-off and sent to an outside collection agency they may add in additional fees for their handling of the account. Collection agencies also usually want payment in full or if they are willing to work out payment arrangements it is at a much higher payment amount.

So if you are in a position where you may find yourself falling short during a month, do whatever you can within reason to make some sort of payment to your creditors. More than likely it won’t prevent late or over-limit fees but it may salvage your account. You can always call us too for questions or concerns.

-Sandi FLCS Staff