Recession-Proof Your Credit

Instead of letting the recession get you down, take charge and get yourself under financial control. For most people in financial distress and falling behind on credit card payments, the natural response is avoidance. But putting it off until later won’t make it go away. Instead, the long-term effects are stress and damage to your credit history. If you are having difficulty making your monthly credit card payments, address it right away – before you miss payments and your account is reported as past due to the credit bureau reporting agencies. Once your account is reported, it could negatively impact your credit rating, which may then affect your ability to get additional credit in the future. However, there are simple steps that you can take to keep or get your payments back on track. Citi Cards offers these tips:


1 Talk it out. Financial troubles can happen to anyone. So don’t be embarrassed to explain your situation – honestly and immediately – with your credit card company. The sooner you talk to them, the better they’ll be able to help you get your finances under control.

2 Work it out. Most credit card issuers want to work with you to come up with a payment plan to keep your account current. Many people experience tough times, but no two situations are exactly alike. So work with your card issuer to see what temporary payment options may be available to you, such as:
· Lower monthly payments
· Reduced interest rate
· Waived late fees and over limit charges

3. Keep track of your account -- automatically. Once you’ve set up a payment plan, help stick to it by signing up for free online tools offered with your credit card. For example, Automatic Alerts notify you via e-mail or text message about important account activity such as due dates, current balance or payment notifications. Additionally, some issuers offer customers an Auto Pay feature ensuring that you’ll never miss a payment.

4. Stay the course. Once your payments and account are back on track, resolve to use credit wisely. For free helpful information on credit and financial management as well as interactive tools, go to www.UseCreditWisely.com


Citi urges its cardmembers approaching or in financial distress to call immediately to work out special payment arrangements that best fit their individual needs. As the world’s #1 credit provider, Citi is committed to providing a range of services so that customers can take proactive measures to protect the health of their credit and take control of their financial well-being.