Browse >
Home / Make Minimum Payments
Make Minimum Payments
This is the choice the credit card companies prefer you to make. By continuing to make the monthly minimum payments the credit card companies require, it could take you over 50 years to pay down your balance due to zero, assuming every payment is on time and assuming you never charge another penny.
You could continue the struggle and live in hope that things will get better. Meanwhile the credit card companies will continue charging interest you can barely pay while awaiting the opportunity to charge additional fees and increase your interest rate if your payment is late even once.
When you are no longer able to make even the minimum payments, inaction only makes matters worse. It makes creditors more aggressive because they have no way of understanding either your circumstances or your intentions. It makes litigation more likely, which can result in wage garnishments, court judgments, and liens on property.
All of this is expensive, time consuming and stress-inducing. Worse yet, other alternatives that could have produced permanent solutions, if they had been pursued soon enough, may become ineffective due to needless delay.
Credit Counseling
Debt Consolidation
Bankruptcy