10:10 Economy: Credit Card Crisis

We all hear the rumors of job layoffs every day, but a local expert says don’t wait until cuts happen to worry about how to pay your bills. Take action now.

The best time to negotiate is before things start to spiral down hill. So, do some damage control right away. Bill Roop says we should call our credit card company and tell them our problem, then ask if they can temporarily lower our interest rate or extend our payment deadline. Roop says the last thing credit card companies and banks want to do is take legal action to recover the debt, or write off the loss, which could translate into a deal for the debtor.

“I know they are very willing and open to discussing options. You know they want to save the customer and get through this as much as much as the individual does, so their very open to talking about and trying to figure out a plan collectively that works for both individuals.”

Another piece of advice according to Roop, is if you have multiple credit cards, pay off the account with the smallest balance to help free up some cash flow.

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