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As we leave behind the years of low-cost and obtainable credit that we passed through during the economic boom of the last few years, millions of people are waking up to the worrying fact that their credit card debts are too high to be maintained for long. Even if your economic fortunes haven't been harmed by the slowdown, many credit card companies have been pushing up their APRs in contrast to the falling base rates specified by the ECB. The result is that making the monthly repayments is getting more and more trying.

And of course, many credit card holders have seen their incomes falling during the worldwide slowdown, and so millions of us now face the prospect of being unable to meet our credit card repayments and getting into arrears. What is the outcome of this?

The first thing to do is to keep a level head. Although a serious matter, credit card debts are not secured on property and so your creditors can't pressure you to give up your home to pay back the balance, nor can they have it seized from you.

Also, you can't be arrested or imprisoned for failing to keep up with your repayments. You can of course be sued, but this willl be a civil matter rather than a criminal one.'

Actually, most card issuers would prefer not to take court action as it is expensive, not particularly good at recovering the debt, and poor publicity. Because of this, banks are usually inclined to negotiate a reduced monthly payment that you will be able to manage more comfortably. You may also request that interest charges to be frozen so that you can get back in control of your debts, but this is less likely to be agreed.

The thought of phoning your creditors and asking for assistance can be daunting, but there is a lot of help available from debt charities who can counsel you on the best course of action, and may even take your case on and negotiate on your behalf.

So, should you find yourself incapable of paying your credit card bills, don't ignore the situation: take some proactive action and take advantage of the help that's on offer.

Article provided by Debt Nation, where you can read more information about handling credit card arrears along with other articles on money problems.