Learn about the consequences of maxing out credit cards and missing minimum payments. Discover whether calling credit card companies to lower monthly payments is a viable solution.

🎯 Main Takeaways:

Missing minimum payments can lead to credit score drops and eventually, charge-off and collection status.

Credit card companies won't typically assist until you miss a payment due to default insurance.

Consider reaching out for professional assistance if unable to make payments to avoid severe consequences.

Questions Answered:

Question: Should I call the credit cards and ask them to lower monthly payments, or just go through bill pay?
Answer: Contacting credit card companies may not be fruitful due to default insurance policies. Seeking professional assistance for debt settlement could be a viable option.

Question: What happens if I can't make the payment?
Answer: Default insurance typically doesn't kick in until a payment is missed. Professional assistance may be necessary for debt settlement and payment plan arrangements.

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