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 likely more than 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. To find a credit counseling agency near you visit aiccca.org or call 1-800-450-1794.
Founded in 1993, Association of Independent Consumer Credit Counseling Agencies (AICCCA) is a national membership organization, established to promote quality and consistent delivery of credit counseling services. AICCCA and its members are focused on improved creditor relations, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, counsel millions of consumers annually nationwide and provide debt management services to consumers with excessive unsecured debt. For more information or to contact an AICCCA member office call (800) 450-1794 or visit www.aiccca.org.
