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1. Communicate with your credit card issuer Bank
The sooner you do this, the better. Many issuers agree for a deferment or reduced payments if you are facing issue due to Covid-19 , Pay Cut or Jobloss
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2. Keep your cash
When you are in survival mode, paying only the minimum is perfectly fine if it frees up cash for unexpected expenses
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3. Avoid adding to your Credit Card debt
No more Credit Card swiping when you are not earning, Borrow the smallest amount that you need to cover basic expenses during unemployment
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4. Check for unemployment insurance cover
Many credit card issuers offers Job loss insurance cover and its benefits can be of a few months minimum due payment on your behalf, Check if you had it on your card
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5. Create a monthly budget and prioritize expenses
Prioritize Mandatory expenses like Rent, food, utility payments & Cut back on everything else
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6. Check for low-interest offers on other credit cards you have
Check for Balance transfer offers on your existing cards to reduce your monthly payment & interest
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7. Work with a credit counselor
If you are already on default or unable to find a way, hire a Credit counselor who can negotiate to your banks on your behalf and workout a debt management plan
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8. Keep paying minimum due
A series of missed or late payments can have a negative impact on your credit score & chances of getting a low interest debt consolidation plan
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9. Ask for Credit Card Debt Settlement / hardship programs
A last resort , Credit Card issuers may agree for a debt settlement plan, Be aware it will be entered in your credit history