If you are unable to make the requested monthly payments then you should contact the credit company immediately. This is extremely important, the earlier that the credit card company knows about your difficulty the more sympathetic they will be to your situation.

If you do not tell the credit card company about your financial problems and do not make the required payments then this will work against your credit rating, possibly jeopardising future loan, credit card or mortgage applications.

If your credit rating is currently good and you only have a cash flow problem right now then the easiest and most effective way to solve this problem is to transfer the balance to another company who will offer you a low rate of interest until you get your finances sorted out again.

However if the balance is very high then maybe a long term solution to your problem may be to consolidate your debt with a loan from a debt consolidation company. You will have to pay interest on this of course but the payents can be spread out over a period of time that suits you , allowing you to get your financial problems into a manageable monthly payment.

However, first things first, pick up the telephone and call your credit card company to try and defer the payments. Explain your situation, they want you to repay the amount you owe too!

More Informaation:

• Dealing With Credit Card Debt
  Being in a debt can give you sleepless nights. Credit card debt can ruin your chances of getting a car loan or mortgage. It is advisable to manage your credit card debt to avoid any future financial complications.
• What is Debt and how can I reduce mine
  When the economy is buoyant, interest rates are low, inflation is low and unemployment rates are low, it is easy to be positive about our debts. It is easy to think we will always be able to pay the mortgage, the car loan, the credit cards and the other personal loans.