I’m on a fixed income and finding it more and more difficult to pay my credit card’s monthly minimum payment. My credit is already pretty well shot as I had to let my car go (voluntarily repossessed) last summer and I’m currently in negotiation to settle a small business loan (SBA).
That leaves my Capital One card, which is a minimum of $100.00 per month. My fixed income is a pension of $387.00 a month plus $250.00 from at-home contract employment with the local university. I also have an online business which is barely creaking by although I do anticipate the business to pick up because the product I sell is a good one and I have gotten a few orders since starting; however, that will take time.
I’m continuing to look for more work but it is slim pickings and difficult without a vehicle (I take public transit which is expensive). I would like to pay this card off but it’s down to either the card or food on the table. ( I’m current on my credit card right now.) I’m 57 and still in reasonably good health; however, I experienced a work injury two years ago which left me with a cervical spine injury and doctor’s recommendation to retire early.
Should I write to Capital One and explain my situation or should I let the card just go to default?
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The AnswerI'm on a Fixed Income and Can't Afford My Minimum Credit Card Payment. - Theresa by Steve Rhode