If you cant afford to pay all of your credit cards what should you do


Ossenfort: If you have multiple credit cards and can only pay a few, will that effect your credit score? Todd Ossenfort provides clear answers.

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Dear Credit Guy, I have three credit cards, I can only pay two of them right now.   Will not paying on that one credit card affect my credit score and the other two cards?  Thank you. -- Mike

Todd Ossenfort: Dear Mike

Good News for you, the CARD Act prevents your credit card companies from increasing your interest rates becasue of late payments, with any other credit cards you may have.  As long as you keep making on-time payments as approved by your credit card companies of the two cards you are able to pay. 

Nevertheless, if you stop pay on a credit card or loan you run the risk of it negitivly affecting your credit score.  Thereby, causing damage to your credit score and future ability to obtain credit and loans. 

I recommend either making the minimum payment on all three cards or contacing a non-profit credit counceling agency and talking to a certified credit counselor.  They will be able to look at your finacial situation and help you come up with a plan on the best way to get your debt paid off.  You may just need to make some adjustments to your monthly spending or you may need to look at a debt managment plan, where you can recieve lower monthly interest rates and payments to get the debt paid off faster.

 I recommend you find a reliable non-profit credit card agency by visiting  Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling.

Take care of your credit!

Todd Ossenfort

On credit card debt and damaging your credit score by not paying.