Monthly Archives: February 2015

Finding Solutions for My Credit Card Debt

Well, I’m sure all of us can relate to this since I believe that nobody does not own a credit card anymore in this time and the debt I’m referring to in the title does not only mean the monthly bill I am paying but the amount that i can no longer pay.

My debt started to accumulate when I stopped paying my monthly bills because I don’t have money anymore for the reason that I don’t have salary because I am on leave of absence.

Anyway, i’m supposed to embark on a new career but when I started, anything that I did was not quite successful until the last quarter of last year that I also had to close my bank account. I had no more funds. i did not know what to do especially when the credit card company started to call me & texting me about my overdue account. Because I was not answering, maybe of shame or I really did not know what to say, i finally received a letter from them informing me that they will refer my account to the collection agency & later to a law firm. That was early this year. I still did not know what to do until, suddenly, I thought maybe I could write them a letter to request that I pay them with items instead. I also worked double time to really sell them in fact, I’ve bee trying to do that ever since I could not pay. It’s just that nobody buys them that’s why it came to this point.

A lawyer contacted me & I explained my situation. I was told that the credit card company can enter me into their payment program but I just have to pay for at least the minimum monthly amount. Fortunate for me, my sister bought one of the items & I was able to deposit a payment. It was first week of February.

When I learned about their program, I got disappointed because I am not qualified because the options are: 1. I have to issue post dated checks 2. I have to pay for a certain amount then they will just divide the rest of the amount in fixed monthly payment, without interest 3. I can waive all the interest but I have to pay the remaining balance in cash.

After telling them of my situation, they require me to release big amount. What kind of help is that? When I tried to call them again for reconsideration, they said that this is the only program they have & also their lawyer contacted me again. So I started to do a research.

Actually, when I got their “warning” letter I’ve learned that I should not be afraid because no one can be imprisoned for not paying the credit card but I have to face calls & court trials if it comes to that. They also cannot threaten us based on the law.

Another research that I’ve made recently is that I can apply for bankruptcy, which I will do when it becomes really necessary.

Anyway, I hope we will just be careful in using our credit card & hopefully, this does not happen to anyone.