An emergency situation caused a huge credit card debt in your name and now the collection agencies nag you all day for recovering the money. What to do in such a situation? Situation is no doubt bad but all is not lost, it can be stopped from getting worse if you follow these steps.
Don't shy away from collection agents. Answer their calls politely, tell them that you intend to pay all the debt and are willing to negotiate.
Inform the credit card company about your emergency situation and the debt it caused. Explain to them your financial condition, and any foreseeable improvement that you are able to visualize. Credit card companies thrive on their clients and they don't want to loose them.
