Credit card debt management under ideal circumstances is easy. Since you have disposable income you don’t worry about using the card. But then something happens; you lose a couple of days from work that aren’t paid, or you get laid off, maybe you run into a major expense, or incur medical expenses higher than you can easily afford. This is when you get into trouble. How do you manage the debt you can no longer afford?

There are several ways to maintain your credit. The first, most important step is to contact your credit card companies and try to renegotiate the terms of your credit. The simple fact is that when you default on a credit card it damages the card company as well as you. They are aware of this even if they initially take a hard line stance. Of course, they want the debt paid according to the original terms of the agreement but circumstances change and in the end, all they really want is for you to pay the bill. That puts you in a position of strength. Use that strength to work out a way to pay the debt more comfortably. You may have to freeze the activity on your account for a time but that will have less of a negative impact on your credit than defaulting on the loan.

Of course, the best way to manage your credit card debt is to take control of it before you find yourself in a difficult situation. Pay the balance due every chance you get and if you can’t pay that, then make a double or triple monthly payment. Most importantly, remain vigilant about your spending. It’s one thing to put an evening on the town on a card and quite another to use the card for convenience when you don’t have cash for a small purchase. Last, avoid using the cash advance option on your card. The interest rate on this option is significantly higher than making purchases.