(InvestigateTV) — It is scary when a credit card bill is due and there is not enough money to make a payment.
Cherry Dale, the vice president of financial education at Virginia Credit Union, said the worst thing to do is not address it.
Dale said don’t pretend like it isn’t happening and think this through. Is this a one-time situation or a larger problem that going to keep happening?
“Because if it’s one time in a month, you can call your creditor, tell them the kind of situation, most creditors will work with you and help you,” she shared. “If this is something happening every single month, that you’re having an issue paying your bills or a bill, you need to come up with another plan.”
If this is a bigger issue and there won’t be money for this bill over several months, Dale said one thing to do is to reach out to a legitimate financial coach. They can help create a strict budget.
Also, she said people can earn extra income and spend less. Once they figure out kind of where they are, then the options are clearer.
“You can do a something like a debt consolidation,” she suggested. “It is calling your creditor and telling them the situation and asking them to renegotiate the loan with you. So that they understand and tell them the full picture of your situation.”
Dale said credit card companies do have a history of working with people on a case-by-case basis.
Card holders can ask to refinance the loan, restructure the loan, or request a payment plan that allows them to pay off your balance in more manageable installments.
The bottom line — it never hurts to ask.
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