Credit Card Debt and Being Laid Off

If you owe a lot of money on your credit card and you have been laid off, make sure you communicate this to the credit card company or bank. They both have departments that will work with you when you are under hardship. You should ask them to provide you a repayment plan. You may qualify for a repayment plan with 0% or very little interest. You must wait for the debt to be past due for this.. You may want to consider a settlement. The settlement could be anywhere from 15% - 20% of the balance. The older the account, the less the settlement amount. However, the catch is that the settlement must be paid off within 3 months. If you fail to mee these terms, the balance could be sold off.
Even when it comes to debt collections, communication is key. The sooner you call, the more likely you are to get connected to things like non-profits and internal assistance. The longer you wait, the less options you will have.
At 180 days, the debt is “charged off” which means it is sold to collections
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