| By :
Molly Wider
The holidays now seem like a distant memory but the stark reminder of all those fabulous gifts that were purchased is reality. Those credit card statements are a painful reminder that overspending can rapidly sink your financial well-being. Life may look bleak with statements that leave you with no breathing room on any credit card. The fear of having no back-up funds in case of an emergency is now a brutal truth. It may not alleviate stress, but you are not alone. Thousands of credit card users have spent their cards to the max and are worried about how to create some breathing space. Credit cards are a great thing until they're maxed. Paying the minimum monthly payment will keep you in the credit company's good books, but maintaining a balance that exceeds 75% of the allowable credit will tarnish your credit rating. There's also the fact that paying only the minimum monthly payment on a maxed card will take you several years to bring down because generally, interest rates are exceedingly high. If you're able to pay more than the minimum monthly payment, then do it. However, if you're like thousands of others, even the minimum payment is difficult to budget. Now is not the time to panic; it's the time to stay calm and do your research on what options are available to you. It may not seem likely, but out of something negative is always something positive, you just have to look. Now, more than ever, turning over a new leaf and taking charge of your financial health is a step in the right direction. Having the will and desire will start you off in the right direction. Take a look to see if you can pay the minimum monthly payment. If this leaves a pit in the stomach, get on the phone and call the credit card companies. These companies can be flexible and are willing to work with you, not against you. Let them know you're working on a plan, but you are able to make a token payment. Paying something is better than paying nothing. Ignoring a statement will only lead to these companies calling you, and ignoring those phone calls only worsen the situation. When times are tough, protect your credit rating always keep the lines of communication open with your creditors. Now is the time to work out what money comes in monthly, and what money is required to pay the monthly bills. If there's no way you can manage on your own then explore loan options to stay afloat. There are options and having a good credit rating is not required for some loans.
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