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

If you find yourself unable to pay your credit card debt in Rhode Island, it is important to understand your rights and options. If you cannot make the minimum payments on your credit card bills, you should contact your credit card issuer and see if you can negotiate some sort of repayment plan. The creditor may be willing to reduce your payments, extend your repayment period, or even forgive part of your debt. If your creditor is not willing to work with you, you may be able to apply for debt relief through a consumer credit counseling agency. These agencies can often negotiate with the creditor to lower your interest rates or monthly payments and establish a repayment plan that makes it easier for you to pay off the debt. If neither of these options is available, you may have to consider bankruptcy. Bankruptcy should always be a last resort, as it can have serious long-term consequences for your credit report. However, in some cases, bankruptcy may be the only way to get out of credit card debt. The best way to avoid credit card debt is to practice good budgeting and to live within your means. When you are able to make your payments on time, you can avoid getting into debt and help protect your credit score.

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

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