4 Tips to Managing Credit Card Date After Losing Your Main Source of Income

Upon taking a hit of loss of income, specific problems come with it, and that may include an impending credit card bill that poses immediate action. While at a state of burden, one might find themselves lost in the process of clearing their debt. 

Here’s a guide to help you course through your actions so you can find a way to ease your financial struggles regarding your credit card.

Tip #1: Contact your Credit Card Issuer

If you’re having issues about getting short on your credit card payments on a short-term basis, the initial action you need to do is to contact your credit card issuer and ask for help. Nowadays, several credit card issuers have been offering services on financial assistance for their customers to assist them in ways possible. 

It’s essential to reach out and be transparent about your financial struggles so they can provide you with options that will help you move forward with your payments. It may come as change of the due date or another mode of payment, but in any way, reaching them is a step towards finding a solution to your problem.

Tip#2: Start Clearing Your Minimum Payments at Your Own Pace

Taking a significant loss of income might have left you with a heavy burden, but it’s just about paying it consistently without jeopardizing your other finances. Start by paying off the minimum dues, so in a way, you can lessen your debt without pushing too hard. One less payment is one less of a burden, so pay as much as you can, comfortably and consistently.

Tip #3: Control your Credit Card Usage

Cut your spending before you rack up a whole new pile of payment dues. Getting short-term loans during your financial struggles is not advisable because interest rates tend to be so high. For now, be smart about your finances by having control over it and minimizing the rise of your payments.

The Bottom Line

To sum up, the tips above serve as effective options in managing your credit card debt when you don’t have a primary source of income, but at the same, it comes with a risk. It all goes back to being vigilant on how you control your spending and coming to terms with every detail regarding your credit card payment.
If you are looking to learn more about debt relief solutions in Canada, such as credit card debt and personal debt relief, get in touch with our debt helpers to see how we can help.