Credit Card Debt Tips to Avoid Bankruptcy

A lot of consumers today are struggling with financial crisis. The unexpected lost of job or lack of available employment can make the situation even more difficult to handle. Some credit card holders find themselves stuck with uncontrolled debt. Do you find yourself in a similar situation? IF you do, what are the steps that you can do to avoid bankruptcy? How can you make the problem more manageable?

Review your personal credit history.
Consumers can ask for one free copy of credit report from each of three major credit bureaus by visiting Once you have your report on hand, make sure that the charges in all your accounts are correct. In case you find errors, exercise your right to dispute erroneous reporting by sending a letter to the credit bureau that issued your report.

Review your credit card’s terms and conditions. Do you take the time to read statements and notices sent by your credit card issuer? Has there been a change in your interest rate or finance charges? If you discover an increase in your APR, do not hesitate to call up your issuer to clarify the matter. If you have been a good credit cardholder, ask your issuer if you can retain the low interest rate that you originally signed up for.

Some people may hesitate to make such requests from their credit card companies. However, keep in mind that if you won’t negotiate, no issuer would volunteer to lower your rate or waive your fees. If your credit card company refuses to give in to your request, you may consider switching to a new credit card that offers a much better deal.

Negotiate your debts. Are you struggling with your monthly debt payments? If you cannot submit your payments on time, never try to hide from your creditors. The best step to do is to call up your credit card issuer or meet with your bank’s supervisor to explain your present financial situation. Why were you not able to pay on time? Request for an extension of your due dates or if the late penalty fees can be waived so you can catch up with your payments more easily.

Seek professional help. If your credit card issuer refuses to help, you can ask professional credit counselling help from the National Foundation for Credit Counselling ( or other government-accredited debt relief agencies.


About the Author:

Suzy Vanstrusen is a credit analyst and a writer on the website She has been providing consumers with tips and wise information about credit repair as well as helping you out more with your bad credit loans.  Copyright © 2010


  1. Declaring Personal Bankruptcy

    Thanks for information….

  2. physical therapist

    Valuable info. Lucky me I found your site by accident, I bookmarked it.

  3. Martha Jackson


    I am Martha Jackson. I just went through your blog and I really enjoyed reading it. I am a webmaster of few websites and carry the same subject related site as yours. I think it might be of interest to your visitors. As you know to maintain a good PR and traffic, a healthy and normal link exchange is important. So, I am interested in exchanging few links with your blog. It will be advantageous for us if we participate in some good link exchange opportunities with each other. If you agree, we can do “article exchanges” as well as “guest post”. I can add your links within the content and try to give you some extra Google Values.

    If you are interested, please send me an email at martha.jackson815[at] I have some good offers that you will definitely like.

    Waiting for a quick and positive reply.


    Martha Jackson

  4. Hi,Let me congratulate for maintaining such a wonderful site. I am a financial writer and I have written many quality articles on Debt consolidation, Mortgage,insurance,credit for many quality sites, keeping in mind the quality information and services of your site, I want to share my experience and knowledge with your site. And I want to contribute a quality unique article for your site. Please allow me.
    It will be highly appreciated if you allow me.
    Link exchange/Article exchange also possible. I have many quality sites on finance.

  5. Bankruptcy can sure be avoided especially when self discipline is first and foremost everyone’s priority. Still, there are instances when much as one wants to be financially stable, gets into monetary trouble. These tips are sure helpful but when handling the situation alone is challenging, there are advisers like one bankruptcy attorney Baltimore whom I found out to be very helpful in providing legal assistance to get me back on track.

Leave a Reply

Your email address will not be published. Required fields are marked *