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More People Are Paying Credit Card Bills Late Than Ever Before - AICCCA Says Stop the Bleeding Now
Credit card payments more than 30 days late rose to a never before seen high of 4.81 percent for the April through June period reports the American Bankers Association.
"Consumers who are having trouble making credit card payments need to immediately assess their personal financial situations and change spending habits," said Dave Jones, president, Association of Independent Consumer Credit Counseling Agencies.
To help, AICCCA offers the following tips:
Determine exactly how much you owe. Avoiding the situation will not
help. If you don't know how much money you owe, gather all your
statements and find out. You can't find solutions to the problem
until you know from where you are starting.
Examine your spending habits. Most of us with $40 in our wallets at
the beginning of the day couldn't report exactly on what we spent the
money when it was gone. It is essential that you keep track of
spending. Cutting out the extras in our daily, weekly and monthly
spending could more than likely make a credit card payment.
Stop charging. Adding to your existing debt load will only exacerbate
the problem and increase the time it will take to solve your financial
problems. If you don't have much will power, leave the credit cards
at home.
Seek professional help now. If you are charging daily essentials such
as food and are unable to meet all of your financial obligations, seek
help from a certified credit counselor.
29 September 2005
Source: Association of Independent Consumer Credit Counseling Agencies
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