Sending less than the minimum credit card payment to avoid charge off or collection calls. – Kristen

Sending less than the minimum payment toward your monthly credit card debt will often lead to charge off and collection efforts the same as sending no payment at all. The collection calls may not begin as early as they would when sending no payment, but your credit card will generally be charged off in the same time frame.

You should make an effort to reach out to your credit card banks and discuss your situation and see if you can qualify for a lower monthly repayment plan. Banks do have hardship programs available that are either temporary (3, 6, 12 months), or even for the lifetime of the balance repayment.

Qualifying to pay less than the minimum payment due.

Your lenders will typically have questions about your finances before approving you for any payment reduction. The income and expense questions will center on normal household expenses so be prepared for that.

You can also contact a credit counseling company and see what kind of reduced monthly payment they can put together to assist you in paying off these accounts at a reduced interest rate for the lifetime of the balance (as long as you make the new lower payment on time all the time). These programs generally last 4 to 5 years. Sometimes these types of non profit debt management plans are not able to get your payment reduced to much less than the minimum you are required to pay right now. But it is free to call and find out, so call 888-317-8770 and ask about consolidating credit cards in one lower monthly payment.

If none of these options will fit within your monthly budget, you should look to consult with a bankruptcy attorney near you to see if you qualify for chapter 7 discharge where your credit card debts are legally eliminated. Many attorneys offer the initial consult free of charge.

If you find you cannot qualify for chapter 7 or learn something that suggests you should avoid filing unless totally necessary, then look into debt settlement as an option. When you are ready to learn all that you need to know about how settling debts may work with your specific creditors, credit card balances, and financial ability – please fill out the consult request form here on this site (click the “Consult” tab in the above navigation bar of this page), or call us direct for scheduling at 800-939-8357 ext. 2. If you have to leave a message, your call will be returned usually same day, or next day at the latest.

I hope this helped answer your question. The good news is that you have options to get through this. I suggest you look into each in the order I reference above. Come back and share what you learn in the comments below.

Anyone with concerns about how creditors view the payments you have sent in can post in the comments below for feedback.