How can you write a hardship letter to a credit card company telling them why you can't pay the bill?

Answer 1

If someone owed YOU money, would YOU accept a "hardship letter" indicating why that person couldn't pay his/her debt? Of course not. You (or whoever) signed an agreement with the credit card company saying that they would be paid, sooner or later (if later, then fees and interest may - - and usually do - - accrue). Failure to pay the credit card company (and anyone else, for that matter) is tantamount to theft. The credit card company wants their money, and it is up to you to pay them in some fashion. The vast majority of credit cards specify on every bill the minimum owed, which, unless the debtor (you) went on a buying binge or is bankrupt, is usually affordable. The only alternatives are to return the purchased goods, if feasible, for credit, or to declare bankruptcy. The debtor should also consider destroying all credit cards, until he/she is able to pay bills in a timely fashion. Bearing that in mind, if you cannot pay, it is always best to be open and honest about it. This makes it possible for you and them to come up with an arrangement for payment of the amount in arrears. If you are concerned, approach a budget advice service, (there are often free services available) for help with budgeting. Then you will be able to approach the credit card company with a proposed payment schedule. Being proactive like this, and honest, will help you in the negotiations. After all, they want to be paid, so an arrangement that pays them will be seen more favourably than just saying, "I can't". Remember, they profit from the interest, so the longer you take to pay, the more they make, and the more you pay.