Due to the bailout and current recession many businesses have gone bankrupt and closed their doors forever or have downsized such as Lehman Brothers, Circuit City, Linens 'N Things, Steve & Barry's, Sharper Image, KB Toys, Mervyns to name a few.
Some companies are so desperate for revenue that they are offering incentives to help customers pay back debt like Citibank which offers to match a percentage of credit card payments made over the minimum monthly payment if the customer agrees to pay off a percentage of their credit card balances quicker. However, Citibank does have a cap on the match up to $550 and the customer has to agree to stop using their credit card during participation in the matching program.
If you are struggling to pay back debt contact your creditor right away to negotiate. Try setting up a payment plan; ask for late fees, over-the-limit-fees or other penalties waived, a reduced interest rate or a reduced minimum monthly payment. If the creditor refuses to work with you call back and ask to speak to a supervisor. If that fails file a complaint against the company with your state Better Business Bureau, Consumer Affairs office, Attorney General's Office or the Federal Trade Commission. Be sure to follow-up all phone calls with a letter.
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