Such a situation can be really disturbing for your mental peace. But is there any way to come out of it? If you think a little out-of-the-box! In a manner which would benefit both the parties, you and your credit card company, by means of negotiation. Some prudent ways to negotiate your debt are explained here, to help you restore your financial condition.
The process starts with a call to your credit card company. Many people hesitate to speak about their debts to anyone, but you must be able to bring this to the notice of your provider.
Lump Sum Settlement
This is the easiest and also the least complicated solution. You can straight away opt for a lump sum settlement to clear off your dues. Suppose you are liable to pay USD 10,000 on the card and are in a position to pay just USD 2,500, then you can offer a 20 percent payment out of the total amount.
If the company finds you are on the verge of bankruptcy (or if you will be filing for bankruptcy very soon) and would not be able to pay much more, they may agree to your proposal, as something is better than nothing! But be sure you have the offered amount with you, as you will have to make the payment at once.
The company might agree to it without much of a fuss, if you are regular with your payments. However, if you aren't, you can at least make an attempt to ask, whether such a thing is possible!
Currently, if you are in a two-year repayment period, then you can try to design a plan which would allow you to pay back in four or five years. The card company might readily agree to it, as receiving the money at a slower pace is always better than not receiving it at all!
Disclaimer: This information is for reference purposes only and does not directly recommend any specific financial course of action.