As you review your credit card account, you may come to the scary realization that you’re slipping behind month after month.
As your credit card debt piles up, it’s only natural to worry about the impact on your future. This should lead you to look into the many ways to reduce your debt as quickly as possible.
One thing you can try is to change your credit card due date. There are many reasons to consider this:
- To align your due date with monthly bills: For example, it’s easier to pay bills and stay on budget when they arrive at the same or similar time of the month.
- To align your due date and payday: Without this, you may find yourself waiting on your next paycheck to pay your credit card bill. During that time, you could make a mistake, such as overspending, that puts you behind the eight ball.
- To prevent late payments: A late payment is a big deal, as it can result in a fee while also dragging down your credit score. Set your due date to a time that reduces the risk of a late payment.
If you have experimented with modifying your due date and other strategies to make some headway on your credit card debt but have yet to make progress, you may want to consider more serious options.
For instance, a Chapter 7 or Chapter 13 bankruptcy filing can improve your finances in many ways. With Chapter 7, you’re able to eliminate some or all of your debt. With Chapter 13, you reorganize your debt and pay it back over the course of three to five years.
Regardless of what you decide to do, learn more about the process. An experienced attorney can provide guidance and information.