It is not uncommon to find yourself drowning in credit card debt. It is very easy to use credit cards when you do not have the money for unexpected or emergency costs in New Jersey. However, once you find yourself in a situation where you can no longer afford to make your credit card payments, things have gotten out of control. It is a good idea to find a way to get a handle on the situation before it gets worse.
According to Discover, if you know you cannot make a payment on time, the first thing to do is contact your creditor. You can discuss the situation and get assistance. Your creditor might be able to help you by reducing the payment due or changing the due date. You may also be able to negotiate of late fees and even interest rates.
If you do not make a payment and do not discuss the situation with your creditor, then you will face fees and penalties. You could have your interest rate raised, as well. It will have an effect on your credit scores, too. You will also probable receive collection calls and letters.
After six billing cycles, if you have not made a payment, then your account will usually be turned over to a collection agency. You could be sued in court for the debt. Your bank account or wages may also be garnished to pay off the debt.
It is best to talk with your creditor before things get too far to avoid a judgement against you and to try to save your credit. This information is for education and is not legal advice.