I Cant Afford Credit Card Payments
I can't afford my credit card payments Sound familiar? unfortunately that phrase is becoming widely heard all across the nation, from the white collar workers all the way to the unemployed. so, what can you do when you can't afford the credit card payments? The most important thing to do is to review your monthly budget.
Writing down your monthly budget for the first time is an eye opener for many people. The income portion for people is easy, just take your paystubs and write down the monthly number you take home. Writing down the monthly expenses is a bit more aggravating for most people. It's very common for people to write down their expenses and when they think they are done, they remember another bill or item that is paid monthly. Don't worry. this is very common and finding these small items that we forget each month is one of the reasons we write down the budget. Total up both columns and see if you have extra money each month, or are you negative each month. When someone says I can't afford my credit card payments they usually are negative each month, and have been using their credit cards to pay some of their monthly bills. anything from groceries to expensive dinners out.
Alright, now that we have established our monthly budget, we need to look and see what are necessary or required to be paid each month (rent/mortgage, utilities, groceries, etc) and what are luxury items (trips, new flat screen TVs, video games, etc). stop spending money on these luxury items as soon as possible. yes, you might not be going out to as many dinners or wearing as up to date clothing, however, you will feel a million times better when you check your bank balances each month.
Many people that cannot afford their credit card payments need options, and they usually choose a debt settlement program. a debt settlement program is where someone is unable to pay the full amount to the creditors each month, and so they contract with a debt settlement company to help them reduce the balances owed to each creditor. Because they are not able to make the full payment to the creditors, the consumer saves what money they can each month and sets it aside for the debt settlement company to use for negotiations to reduce the balances owed. The industry average for reducing the credit card debt is between 30-50%. so if you owed $30,000 on credit cards, you would end up paying back anywhere between $9,000 to $15,000 to those creditors. Debt settlement is a great way to clear up the credit card debt and start off with a blank slate.
There are a lot of debt settlement companies out there, and so we review the major companies and help give you the advice and necessary tools needed to choose the best companies. Feel free to contact us for more information.
I Can't Afford Credit Card Payments
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