You have to make sure you have settled a seriously delinquent credit card debt or things can get bad. The longer you wait the original creditor could send the debt to a collection agency. A collection agency could file a legal action against you. And the longer you will not pay the agency can ruin your credit and make your life hell. Once they can acquire a judgment against you, they can ask for credit card garnishment that can withhold a very large portion of your pay check to pay for the debt.
If you have not been summoned to court, it is very important to respond as quickly as possible. Contact the original creditor before the debt is passed on to a collection agency. Let them know that you do want to settle the debt but it’s far too large for you to pay in your current financial situation. If both parties cannot settle for a compromise, you have no choice but to file for bankruptcy. You don’t actually have to file for bankruptcy. In most cases, simply to let them know that if they don’t compromise with you, there’s a good chance they will not be getting anything at all. It will be enough to convince them they need to compromise with you.
Try to compromise and get them to agree to a lower monthly payment or you can negotiate for a small overall payment. For example: If you owe $5,000, try to negotiate at a lower amount of $2,500. If you can pay it off in one lump sum, try to do so. This may be the only way for them to agree.
If there is already a wage garnishment order, you’ll have to file a petition to the court to stop it. To stop the order, you will probably have to prove to the court that the garnishment is a severe hardship to your family. You have to bring proof to the court including your bank account statements, pay stubs, and copies of your bills, proving that you are currently paying out most or all of your income in bills.