It can be hard times even when times are not hard for other people. Americans are in more credit card debt than ever before, with the average debt over $5000. However, the highest average debt is among those who are 45 to 54 years of age – peak earning years where it stands at an average of almost $9100.
When it comes to facing mounting debts and cutbacks in hours, being fired, laid off, of dealing with the aftermath of a furlough panic can set in when you can’t make all of the minimum payments. Food, shelter, and other basic needs have to come first, but there are programs out there to reduce minimum payments or even skip a payment with no penalties. Capital One credit card forbearance is one such program and there are other programs like it from other banks.
Taming payments or at least getting some breathing room to skip a payment or two with Capital One credit card forbearance can help to get a grip on debts. With a grip, you can employ a number of strategies to knock debt down to size, but that first step can be daunting. You need to sit down and take a thorough, honest accounting of all of your income and all of your expenses. You may not be able to afford your minimum payments, but you may be able to still make some sort of payment. You may also wish to consider credit on financial counseling to help determine a realistic picture of your finances and debt versus income.
Once you have that picture and understand how much you can afford to pay, get in touch with capital one and inform them that you can’t make your minimum payment, but that you can afford to pay something towards your balance and interest. You should also give them an idea of when you can restart your more normal payments after a term of making the reduced payments. Capital One may also be able to move your payment date or may even allow you to skip a payment. The most important thing is to work with your credit card company as soon as you know that you are looking at hardship, and not just hide away while not making payments. You may be able to not only save your credit rating but continue using your credit cards.
Capital one credit card forbearance can only do so much, and you may need the advice of a seasoned debt-oriented law group to help bust everything down to size. Bankruptcy is part of what we do, but it’s not the whole enchilada. We help people handle their debts with debt consolidation, financial counseling and education, debt negotiations, and all sorts of other approaches to living debt-free and rebuilding good credit. Call us for an appointment Monday through Saturday at our West Palm Beach or Fort Lauderdale offices. You can even make an appointment for Sunday. Your first consultation is absolutely free.
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