LAS VEGAS - Credit card debt is rampant in the United States. Americans carry more than $793 billion in credit card debt. With the economy still sluggish and unemployment high, many people find themselves in situations in which they can't pay their bills, and they don't know what to do.
Doing nothing, however, is a bad option. One late bill can damage your credit. Missing a payment by thirty days will get you reported to crediting agencies, and that can lower your credit score dramatically. There are, however, steps you can take if you lack the money to pay.
First, contact the credit card company. Let them know there is a delay, and you are working on the problem.
Second, pay something. Even if it isn't the minimum payment, at least you are giving them something.
Finally, close any credit cards you don't need. That will help you in the long run.
If you're in a lot of trouble with debt, you can contact a professional debt counselor. The Financial Guidance Center in Las Vegas offers free help with debt management.
If you have a consumer complaint or question you want investigated, contact 8 on Your Side at 702-650-1907 or e-mail us.