Try eating at home more often and cutting back on restaurants and specialty coffees. Next, consider canceling streaming services or cable, cutting back on shopping and returning unnecessary recent purchases. States also offer rental assistance, as well as Temporary Assistance for Needy Families, which helps with food, housing, home energy, child care and job training. There are programs that can give you an allowance to pay your energy bills - for instance, the Low Income Home Energy Assistance Program. If you're running into budgeting problems that are making it difficult to pay your bills, consider cutting any unnecessary monthly expenses and applying for government assistance. Rework your budget and find places to save or earn more Rod Griffin, senior director of consumer education at Experian, suggests contacting your attorney general's office or the Consumer Financial Protection Bureau, as well as checking for all of your local options. It can also decrease your credit history, which impacts your credit score. When that happens, your credit utilization ratio increases, which can drop your credit score. The credit card issuer might also have relief or hardship programs (see below) that hurt your credit score less than going into arrears (an overdue account) or having your account charged off, meaning it's written off as a loss and is closed to future charges. Bruce McClary, senior vice president for communications at the National Foundation for Credit Counseling, told CNET that you should make sure you receive an official confirmation and terms of any changes to your account from your credit card issuer in case things don't turn out the way you thought they would. Whatever you work out, get the details in writing. It could also be possible for you to negotiate a lower APR - the annual interest that you pay on your credit card balance. The lender could also move your payment due date so that it works better with your paycheck. Your credit card company may be able to establish a payment plan that you can afford. Informing your credit card provider can help avoid any bad consequences and keep you in control. If the company is unaware, it could assume the worst and may take action. Call your credit card company and explain your situationĪs soon as you find out you won't be able to make your minimum payment, contact your credit card company so they're aware of your situation.
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