Help with consolidating credit card debt
Check your statement for the minimum amount due, and be sure to pay it on time to keep your account current.And remember: Paying more than the minimum amount due is a great way to pay down your debt.Plans may involve working with creditors to restructure debt payments or negotiate better terms, consumer rights to legal protection and fair debt collection, strategies to accelerate debt repayment or elimination, loan products, or consolidating to better manage monthly payments.As you face the difficult challenge of paying down excessive debt, you will be making many important decisions.We’re ready to do a complete analysis of your financial situation and formulate a strategy that best suits your needs.Remember, the choice you make today will affect your credit rating now and in the future. If you have a high credit limit and you keep your balances low, your debt-to-credit ratio is also low, which can help your credit score.4) Myth: You must carry a balance on your credit cards to build a credit history.
For example, you may have student loans, a mortgage and credit cards. If all you have is credit cards, you may not help your score.
Fact: Credit cards are great tools for building your credit history, and you don’t need to carry an unpaid balance to do so.
Your best strategy is to use your credit cards and pay off the bill in full each month, so you keep your overall debt-to-credit limit ratio low.
Now that you have a good handle on the basic facts about credit cards—as well as the most common misconceptions—you have the tools to better manage your credit and build a strong credit history.
If you’re considering a credit card, learn more about Bank of America’s credit card options.
Fact: If you don’t pay the total minimum payment on your credit card bill, your credit card company may report it as a missed payment.