When you cannot make your monthly credit card payment, the worst thing you can do is to simply let the bill go unpaid. Your creditor can charge you a late fee, raise your interest rate, and report the late payment to the credit bureaus. If you cannot pay the minimum, consider writing your credit card company and explaining your situation to them. Many creditors will extend your due date, waive the late fee, and continue reporting a "current" payment status to credit bureaus.
Subject: Request to Lower Monthly Credit Card Payments — Financial Hardship in South Dakota Dear [Credit Card Company], I am writing to express my current financial difficulties and request your understanding and assistance in lowering my monthly credit card payments for my account [Account Number]. As a resident of South Dakota, I have encountered unexpected financial challenges that have strained my ability to meet my existing payment obligations. South Dakota, known as the Mount Rushmore State, boasts stunning natural beauty, with its rolling prairies, majestic mountains, and iconic landmarks like Mount Rushmore and Badlands National Park. While South Dakota offers a wonderful quality of life, it is not immune to economic downturns and hardships that can affect its residents, such as the recent global pandemic and subsequent economic decline. Due to the challenging circumstances I am currently facing, I am struggling to make the minimum payments required by my credit card agreement. I have diligently made efforts to manage my finances responsibly, but unforeseen events have significantly impacted my income and ability to meet my financial obligations. It is my sincere intention to honor my commitment and repay my debts. However, my current financial situation prevents me from continuing with the current payment structure. I kindly request that you consider the following alternatives to alleviate my burden: 1. Lowering the interest rate: By reducing the interest rate applied to my outstanding balance, I would be able to make more significant progress in paying off my debt while keeping up with the monthly payments. 2. Adjusting the payment schedule: If feasible, I request a temporary adjustment to the payment due dates within a billing cycle to align them with a more favorable financial period, allowing for a more manageable payment arrangement. 3. Extending the repayment period: Extending the duration of the repayment period by adding months or adjusting the minimum monthly payments would help distribute the financial strain over a longer timeframe. I understand that any adjustments to my credit card account will require careful consideration from your organization. Rest assured, I remain committed to resolving this matter responsibly and in a mutually beneficial manner. Please find enclosed relevant documentation supporting my current financial hardships, including proof of income reduction, unexpected medical expenses, or other circumstances that have affected my financial stability. I kindly request that you review my situation promptly and notify me as soon as possible regarding any adjustments that can be made to accommodate my financial circumstances. I would greatly appreciate your help and collaboration during these difficult times. Thank you for your attention and consideration. I look forward to your positive response and working together toward a solution that will enable me to fulfill my financial obligations while maintaining a positive relationship with your esteemed company. Yours sincerely, [Your Name] [Your Contact Information]
