Today's Article

"A lot of people are 3relying on credit to 4make ends meet." 

The Federal Reserve Bank of New York data found the average 5perceived probability of missing a minimum payment in the next three months increased to 14.2%, the highest it's been in years. Those most concerned people ages 40 to 60 and those making more than six figures a year.

"More people are carrying more debt for longer periods of time and that's a real 6drag on their 7personal finances." 

Last year, 82% of Americans had at least one credit card. Their average debt was about $6,500. Bankrate industry analyst Ted Rossman says you need to speak up if you can't make a minimum payment. 

"Maybe they're willing to work with you 8in terms of 9rearranging your 10due date or giving you permission to pay less or nothing at all 11for a time." 

Another option, nonprofit credit counseling agencies. 

"They can often 12negotiate something like a 7% or 8% interest rate over four or five years. That sure beats the average credit card rate, which is over 20%."

The key, Rossman says, act early. Negative payments could 13stay on your record for up to seven years, potentially 14sticking with you even longer than your debt.