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dogoodr79

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Closing delinquent credit cards due to illness.Should I ask for smaller interest rate payment plans?
Had good credit, no late payments but no longer working. On SSI - disability and can no longer make the minimum payments. Should I close the delinquent accounts? Would setting up a reduced interest payment plan for closed delinquent accounts help my credit score?

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Closing the cards will hurt your credit score.  Contact the companies and let them know what has happened.  Be sure to let them know what your current income is and what your necessary living expenses and debts are and ask for their help in setting up a payment plan that will enable you to pay them in full, yet live on your reduced income. If they choose toclose your cards, that will be necessary.  You might find them to be helpful.

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