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Submitted by: Gerri

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I am sorry to hear the difficulty your daughter is having paying her credit card balance off. It must be terribly stressful for her. She can certainly stop using the card but I wouldn?t recommend she closes it until she comes to some agreement with the lender. Closing the account does not stop interest from accumulating. The first thing your daughter needs to be clear about is what she can afford to pay. Can she afford small monthly payments while she gets back on her feet? Or are her problems long-term? Is this the only debt she is dealing with, or are there others? If this is the only debt she is struggling with. I would recommend she talk with the lender. She can explain that she is having difficulty coming up with a payment and tell them what she can afford to pay. They may be willing to offer her a hardship program for a while, but eventually they'll want her to catch up. You may want to help her when she makes the call. They may try to pressure her to pay more than she can afford and she needs to be certain not to agree to payments she can't afford. If she hasn't purchased the ebook, you'll want to at least encourage her to download our free Spending X-Ray worksheet so she can figure out what she can afford. If her long-term financial prospects are bleak, she may need to consider negotiating a settlement of the balance. We talk about debt negotiation extensively in our e-book. If she has other debts that need to be settled, she may want to work with a professional settlement company. If not, she can negotiate on her own. We wish her the best. She's fortunate to have you helping her!

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