Stop paying credit card debt and stop worrying about it - the wrong solution?
October 5, 2023
You are not alone if you are carrying credit card debt from month to month. In America, over 35 percent of all Americans carry credit card debt from month to month. Of those people six percent are carrying debt over $10,000 on their card, which actually translates to 14 million Americans who are carrying more than $10,000 a month on their credit cards.
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What if I stop paying my credit card debt?
You may be wondering what might happen if you just simply stop paying off your credit card. Firstly, what will happen is that you will incur a late fee, you may lose any grace period you may have and will have to pay interest at the penalty rate. At this stage, and up until 30 days after your statement has been issued, your credit card company will most likely not send your account to collection.
However, after 30 days have passed and you still have not made a payment, then it is likely your credit card issuer will send your account to a third party collection agency and/or alert the credit bureaus. It is at this point when not paying your credit card will start to affect your credit score.
Credit card debt is very tricky to pay off and quite often if you have fallen into credit card debt, you may be trapped, or feel like you are trapped. And the credit card company most often doesn’t help: They want you to keep trying to pay off your debt, pay off your interest charges (which is how they make money) – all in the name of protecting your credit score. In fact, if you try to pay off your credit card using a lump sum, that will also lower your credit score!
How to Manage Credit Card debt:
So, you can see that even if you want to stop paying credit cards and stop worrying about it, there can be consequences. Now, you may decide (again) that you want to try to manage to pay off your credit card yourself. Below are some tried and true tactics to paying off your credit card:
- If you have more than one credit card, then make sure that you completely understand how much you owe on each card, what the interest rate is on each card, if you have any grace period for payments and when payments are due. Then arrange the cards with the one with the highest balance and interest rate being at the top of the list.
- Start paying the card with the highest interest rate first. When the interest rate is higher, then remember that the debt is higher too.
- REDUCE YOUR EXPENSES. This is an honest, line by line approach to your spending habits. That $5 coffee – ditch it and make your coffee at home instead. Lottery tickets each week – take that $20 and put it toward your credit card. Premium gas – does your car really need it? Coupons? Make sure you cut them out, and, while you are doing it, make sure you shop for specials – every penny counts.
- You may decide to approach your credit card company and ask for a reduction in the interest rate. This doesn’t mean that they will comply, but you can ask.
- You may also work directly with your credit card company on a debt resettlement plan.
How about considering a Debt Consolidation Loan?
If you have tried to commit to this type of payment plan to pay off your credit card debt in the past and have failed, then it might be time to stop paying off your credit card and get some real help in paying it off, in the form of a debt consolidation loan.
If you are looking for freedom from debt relief, then it’s time to enlist the help of a credit counselling agency, like Debt Helper USA. When you call Debt Helper USA, you will be matched to a credit counselling expert, who will be able to take a good look at all your finances – including what you owe and what income you receive – and be able to determine if it is time that you need help.
Debt Consolidation works in the long term
With a debt consolidation plan with Debt Helper USA, our credit counsellors will negotiate with your credit card companies on your behalf in order to find a payment plan that suits both them and you. Generally the credit card company will reduce the amount of debt you owe on your credit card, with your promise to make regular monthly payments and pay off that new balance. And while this may slightly negatively impact your credit score for a short time, ultimately it will increase your credit score in the long term.
You can be assured that if you enter into a debt consolidation loan with Debt Helper USA, you have taken a very positive, responsible first step forward in managing your credit card debt. So instead of making the poor choice to stop paying credit card and stop worrying about it, why not call or email the credit counselling team at Debt Helper USA and get yourself on the road to freedom debt relief.
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- Settle Your Debt For Less Than You Owe
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