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

If you are unable to pay your credit card debt in Minnesota, you should contact your creditor to explain your situation and try to negotiate an alternative payment plan. Depending on the situation, this could include reducing or waiving the interest rate, reducing or waiving late fees, or extending the payment period. You should also try to get a written agreement from the creditor that outlines the new payment plan. If your creditor is not willing to negotiate and you are unable to make payments, you may want to consider filing for bankruptcy. This is a very serious decision and should only be done as a last resort. In a bankruptcy, your credit card debt may be partially or fully discharged, though you may still be required to pay some of it. The Minnesota Credit Card Dispute Resolution Law also provides additional protection for consumers who are unable to pay their credit card debt. If you are unable to pay the full amount due, the law prohibits creditors from taking certain collection actions, such as repossessing your home or car, garnishing your wages, or filing a lawsuit without first providing you with a written notice. If you are having difficulty paying your credit card debt, you should speak to a qualified professional who can help you understand your options and determine the best course of action.

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

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