Missing a payment on your credit card or paying it late can result in fees or added interest, but it can also have a negative impact on your credit score. Be prepared to provide documentation about your current situation. While your credit card company may offer up one or more options, have a list of questions prepared in advance. Note: that the recently passed Coronavirus Aid, Relief, and Economic Security CARES Act places special requirements on companies that report your payment information to credit reporting agencies if they provide payment relief due to the coronavirus pandemic.
During the relief period, you want to make sure to look at your statement each month for any errors or inaccuracies, and if you see anything, make sure to refer back to the agreement so you can dispute it. There may be cases, though, where you get financial assistance from your credit card companies, but your interest continues to accrue. If this is the case, making the minimum payment—and making it on time—could help ease the burden later on. Your credit card company has 30 days to confirm receipt of your notice as well as two complete billing cycles — but no more than 90 days — to investigate and respond to you.
The credit card company can show good faith efforts to obtain the necessary information and make a determination as quickly as possible, and complies with all other requirements pending resolution of the error.
Post-Bankruptcy Client. ACCC offers debt relief options to individuals and families that are suffering from stress related to credit card debt by providing effective credit counseling, helping to consolidate debt, and advising on debt management.
We are not responsible for the content or availability of linked sites. The recent financial crisis left many people in a similar situation. We are not responsible for the content or availability of linked sites. A debt reduction program from American Consumer Credit Counseling ACCC can be an excellent way to manage credit card debt or eliminate debt completely.
With a debt reduction program from ACCC, you can make a plan to be free of debt within five years, in most cases. Rather than live with the stress and uncertainty of high levels of consumer debt, a debt reduction program lets you gain control of your financial situation and take the first steps toward getting rid of debt and living debt free.
Our certified credit counselors can help you sort through your options for credit card relief and select the strategy that will help you reach credit card payoff more quickly. Over the past 22 years, our debt management and credit card reduction methods have enabled tens of thousands of individuals and families to pay off their cards, get rid of debt and live a debt-free life. One of the most effective strategies for credit card reduction is a debt management program. Rather than transferring balances or taking out a new loan to consolidate credit card debt, a debt management plan involves consolidating payments, allowing you to make just one convenient payment each month.
Our counselors will work with you to create a budget and determine how much money you can set aside to pay down your cards each month. That means you only have to worry about making one payment each month — you can even choose the payment date that is most convenient for you. That means your monthly credit card reduction payment to ACCC will likely be less than the total amount of payments you were making before.
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