Student Credit Card and Credit Education Blog

Did you know that credit card regulations require a credit card company to write off debt which has been delinquent for 6 months?  Now you probably understand why you get those harassing calls almost immediately after you’re late with just one payment.  There is major incentive for these companies to collect that debt quickly.

American’s are now nearly a trillion dollars in credit card debt, and, according to an April Nilson report, 15% of Americans have been late with a credit card payment.  Those are scary numbers for lenders, but good for you.

Call your credit card company and wheel and deal if you’ve been having trouble making payments.  Armed with your new found knowledge (6 month rule) you know they will be anxious to collect as much of the debt as they possibly can before the six month mark strikes.

They may forgive a major portion of your debt if you agree to an accelerated payment plan.