What happens if I can't afford to pay my credit card debt?

If you are unable to pay your credit card debt in Florida, it is important to understand your rights and the different options that may be available to you. Under the Fair Credit Card Dispute Resolution Law, creditors must investigate disputes filed by cardholders. This means they must review the debt and look into any information that you provide about your inability to pay. If your dispute is approved, the creditor is required to provide you with an acceptable repayment plan. This could include lowering your interest rate, waiving fees, or allowing you to pay a lower balance. The creditor is required to explain the terms of the plan to you before you agree to it. If you still cannot afford to make payments, you can talk to a credit counselor or debt consolidation company. These companies can help you figure out a repayment plan or they can negotiate with your creditors. There are also other options that may be available to you. You can speak with a bankruptcy lawyer or contact a consumer credit counseling agency, which can help you negotiate with your creditors. It is important to remember that you still have a legal obligation to pay off your debt. If you are not able to pay, the creditor can take legal action against you, including suing you for non-payment. It is best to contact your creditor immediately if you are having difficulty in paying off your debt.

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What happens if I can't afford to pay my credit card debt?

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