answersLogoWhite

0


Best Answer

First and foremost, don't ignore it. If you can't pay the balance, put the card somewhere where you can't use it anymore. Then contact the credit company and explain the situation. Often, they'll be willing to work out a payment plan; that way, they're getting some money and you're fulfilling your obligation. They may close your account. You can also have the debt charged off, where you agree to pay a percentage of the balance in one lump sum, but this is usually a last resort and doesn't look good on your credit history. Call the company, find someone good to talk with and work out a payment schedule you can both live with.

User Avatar

Wiki User

โˆ™ 2006-03-03 14:21:58
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: What if you are not able to pay your balance on a credit card?
Write your answer...
Submit
Related questions

What credit card would be the best for customers who think they might not be able to pay their balance?

A prepaid credit card is best for those who believe they might not be able to pay the balance.


What does it mean to transfer credit card balance?

To transfer a credit card balance means to use the available credit on one credit card to pay off the balance of another credit card. This is often done by credit card holders to pay back a balance at a lower rate.


Can you close a credit card account if there's a balance on the account or must you pay the balance in full?

Yes, you can cancel the card even if there is a balance remaining on it. You contact the credit card company and request the card be cancelled. You will no longer be able to use the card, but you still pay the balance, either in monthly payments or in a lump sum. But you do not have to pay the balance in full when you cancel the card.


What happens when you over pay on a credit card?

When you over pay a credit card, you have then a "credit balance." This means, in essense, the credit card company owes you money. You can either have them send you a check to pay off the difference, or the credit balance will be eliminated when/if you use your card again.


Can you pay your credit card bill by another credit card?

Yes you can pay your credit card bill by another credit card. It is called balance transfers, you can transfer the balance of another credit card that has a high interest to a credit card that has a low interest. Hopefully this answers your question.


Can you call your credit card company and pay off the balance by giving them the number for another credit card and charging the balance onto that card?

No, they have to offer you the balance transfer.


What is a balance transfer credit card?

A credit card balance transfer happens when on person opens a new credit account in a different company and use it to pay off the debt in his or her old credit card.


Why it is wise to pay the full balance on credit card?

It is wise to pay the full balance on credit card because you will not entail finance charges and other fees. If you pay only the minimum, your next balance will increase due to the finance charges and fees. At the same time, it can build your credit score. I always pay the full balance on my credit cards.


Can you pay your PayPal GE Credit card with your PayPal balance?

Thursday, June 18th, 2009 - after calling Paypal technical support, we were informed that you cannot pay your Paypal credit card with your paypal account balance. You can however pay by check or with another credit card.


How can a credit card balance be checked?

Your credit card statement in the mail. You can also check your credit card statement online. Just log into your account and you will see your account balance. You can even pay your credit card bill online.


Which it's better closing a credit card with a balance or pay the balance first to closed?

It's better to pay off the balance and keep it open. It proves that you are competent enough to keep a credit card and not get into trouble with it. It will also increase your credit score.


How do you pay a credit card bill and can I pay credit card bill with credit card?

Yes, you will be able to pay one credit card bill with another credit card. There are a couple of different ways to do this: 1. Balance transfer - There are credit cards that would let you transfer some of the the balance from one card to another. The interest for this transfer is usually lesser on the transferred balance. 2. Using Credit Card Checks - You can also use the checks that come with some credit cards. All you've got to do is write a check for the amount due. This transaction does not carry any additional charges along with it. 3. Cash Advance - There is also a possibility of getting a cash advance from a credit card and this can be deposited into your savings account or even used to pay the bill of another credit card.


Where do I go to pay off my credit card debt?

Your credit card company. You should be able to call them and pay your bill/debt over the phone or be able to do it on the internet on your credit card company's website.


What is bad about having a credit card?

it is not bad to have a credit card, as long as you pay your balance every month, and not skip a payment, and do not use it if you do NOT have the money to pay for it.


If you close a credit card will it hurt your credit?

It will not affect your credit if you pay off the balance when you close the account.


What are the benefits of low credit card balance transfers?

Take advantage of low credit card balance rates. For example, why pay 24 percent on three separate credit cards when you could pay 15 percent interest on one card? Credit card issuers typically charge a balance transfer fee. This is typically around 3 to 5 percent of the balance you transfer.


When might someone see 'credit card 0 balance transfer' on their statement?

'Credit Card 0 Balance Transfer' would appear on your credit card statement if your credit card is paid off in full. This means that you do not have to transfer any money from your bank account to pay off your credit card balance.


Can you pay off a credit card by using another credit card?

Many credit card companies offer balance transfer options whereby you can transfer the balance of one credit card to another. Be aware that the terms offered for balance transfers can be deceptive and generally the terms have a time limit.


If you pay off your credit card balance monthly will this help your credit and are you paying no interest?

Paying off you credit card balance helps you, yourself the most. but according the the fico score they like to see a small balance, for some reason its not good to pay off a card totaly, I have never understood this.


Which of these credit card features would be best for customers who want to pay off the balance on a high-interest credit card?

Low fees for balance transfers


Why is it unwise to pay minimum credit on your credit card?

Paying only the minimum due on your credit card balance maximizes the amount of interest you will pay to the credit card company. This is why it is better to pay as much of your balance as you can each billing cycle - it saves you money by reducing the amount of interest you pay. Also, depending on the terms of your credit card agreement, paying the minimum can actually make your principal balance increase. The minimum payment may not cover the amount of interest due.


How do you pay off all the credit card all at once?

You pay off a credit card balance by paying the full balance shown on your monthly statement at least 7 days before the due date.


What is a credit card balance transfer?

A credit card balance transfer occurs when a credit card holder opens a new credit card to pay off the old one. The debt and interest is then owed to the new company, who often provides a grace period where a smaller amount of interest is charged on the transferred balance.


Do you pay the statement balance of your credit card or balance every month?

No, I don't maintain my records that well.


Where can I get a credit card repayment calculator?

federalreserve.gov has an excellent credit card repayment calculator for you to try out! it will give you an estimate of how long it will take you to pay off your credit card balance.