Asked in Credit and Debit Cards
What do you do if your credit card balances exceed your income?
August 08, 2008 12:58PM
Do this before the problem becomes major-- # STOP using the card, no matter what. Destroy the cards. # Pay off the balance in full immediately if possible, over time if necessary but in chunks that are MUCH bigger than the minimum payment suggested on bills. # When paid, cancel the account and any other card accounts you have. A little extreme, you say? Then wait a couple of years, and while you face bankruptcy, foreclosure and other financial disasters, ask yourself if it would have been wise to take strong measures a couple of years earlier.