How Not To Pay Your Credit Card Debt ??" Prioritizing Bills

People who find themselves in a situation where they will have to pay off serious credit card debt often consider as many options as possible that allow them to get rid of their debt without actually having to pay their credit card bills. Try as you might, though, there is no way to eliminate all of your debts that does not involve paying them.

If you want to get rid of debt while maintaining the best credit rating possible, you will have to pay the debts; there is no other choice that will keep your credit score intact.

How Not To Pay Your Credit Card Debt Without Extensive Credit Score Damage

If you have no other options, there is a way to keep from paying your credit card bills in order to be able to afford other essential monthly bills. This will only work if, despite your best efforts, you are not able to pay your credit card bills and care for other financial obligations simultaneously. This method should only be used for a very short period of time.

The first thing to do is to take care of your must pays. This includes things like rent, food, car, child support, and the things you have to have in order to live and work. If you have the option of paying the mortgage or rent or the credit card pay the must haves first.

Your credit card account will not be considered delinquent until thirty days have passed without payment from the due date. That means that credit reporting agencies and collection agencies will not be aware of your situation right away. This way, you will be able to continue paying for the vital things in life, even though failing to make payments on your credit card bills is sure to lead to increased interest rates and extra charges.

Your goal should still be to prevent the credit card companies from using collection agencies to get their money from you. That means that the time between failing to make a payment and when your account is declared delinquent should be used to arrange your finances in such a way so as to be able to afford both your current payment and last month's on your credit card.

This type of reordering will usually only create small notes on your credit if at all. This means that the damage is not as extensive as doing something drastic as a bankruptcy or charge off will cause.

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