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If your credit card payments are becoming unaffordable, contact each issuer as soon as possible, before you fall behind, and ask what hardship options it can offer. First work out what you can realistically pay after essential expenses; then explain the situation and request the terms in writing. This guidance is for U.S. consumers and is general information—not individualized financial, tax, or legal advice.
What should I do first if I can’t afford my credit card minimum?
Act promptly, make a realistic budget, and call the card issuer before agreeing to a payment. The Consumer Financial Protection Bureau (CFPB) says you do not need to be behind on payments to ask for help; its handout advises consumers to call if they believe they cannot pay the minimum.
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Start with a simple account list. For each card, record the balance, minimum payment, due date, interest rate if known, and whether the account is current or past due. This makes it easier to explain the problem and compare any offer. Do not assume an issuer will make a particular accommodation: hardship programs and terms vary by company and account.
Next, work out the money actually available for debt payments. Add take-home income, then subtract essential costs such as housing, utilities, food, transportation, insurance, and other required bills. The remainder—not the amount an issuer requests—is the starting point for deciding what you can offer. Avoid promising a payment that would leave you unable to cover necessities or cause another bill to go unpaid.
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If an automatic card payment could overdraw your bank account or leave another essential bill unpaid, contact the bank and card issuer promptly to discuss the arrangement. Do not assume that a payment can be changed or stopped without consequences; ask each institution what applies to your account. While you assess the shortfall, avoid adding new card spending if you can.
The CFPB’s guidance on what to do when you can’t pay your credit card bills recommends contacting the company and explaining why the minimum is unaffordable, how much you can pay, and when you might be able to resume regular payments. A paper budget planner can help organize income and expenses, but it does not itself change the debt or the terms.
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Call the number on your statement or card and ask for the hardship or loss-mitigation department. Explain the change that made the payment unaffordable, give a realistic amount you can pay, and ask whether the issuer has a temporary or longer-term arrangement. You can request help even if the account is current.
Some creditors may accept lower payments, reduce interest, waive certain fees, or change a due date, according to CFPB guidance on credit card debt options. These are possibilities to ask about, not guaranteed benefits. An issuer may offer no change, or the proposal may involve conditions that do not fit your budget.
Before accepting an offer, ask these questions and write down the answers:
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- What payment is due, and for how long?
- Will interest continue to accrue? Are any fees waived, added, or still possible?
- Will the account be closed or will new purchases be restricted?
- How will the arrangement be reported to credit bureaus?
- What happens if a scheduled payment is missed?
- Can the issuer send the complete terms in writing?
Read the written offer before enrolling. Check that the payment and dates match what you discussed, and that you understand what happens when the arrangement ends. If the payment is still not affordable, say so rather than accepting a plan you are unlikely to maintain. Keep copies of the offer and notes from calls with the date, department, and representative’s name if available.
The CFPB’s 2025 Consumer Credit Card Market Report to Congress describes surveyed issuers’ hardship programs: more than half of survey respondents offered short-term forbearance programs, while the others offered only long-term programs regardless of whether the borrower’s hardship was short- or long-term. This is a report-specific finding about respondents, not evidence that a particular issuer offers a program or that any account qualifies.
Can a credit counselor or debt management plan help?
A credit counselor can review your budget and debts, explain available approaches, and help determine whether a debt management plan (DMP) might fit. A DMP does not erase debt, and creditors must agree to participate or to proposed changes.
In a typical DMP, you make one payment to the counseling organization, which then pays participating creditors. A counselor may be able to obtain lower payments or reduced interest or fees, but the precise terms depend on creditor acceptance. Before sending money to an agency, confirm directly with each creditor that it has accepted the plan and understand when payments will be made.
Ask the counselor for a written description of services, the full fee schedule, and the plan’s terms. Find out which debts and creditors are included, what payment is required, how long repayment is expected to take, and what happens if you cannot make a payment. The CFPB explains what credit counseling involves and distinguishes counseling and DMPs from other forms of debt relief.
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The CFPB identifies the National Foundation for Credit Counseling (NFCC), the Financial Counseling Association of America (FCAA), and the U.S. Department of Justice’s list of approved counselors as places to start looking. These are starting points, not a guarantee that a particular counselor is right for you. You can also check a provider with your state attorney general or consumer protection agency. Be cautious of anyone who will not explain fees and services clearly or pressures you to sign immediately.
Should I use a debt settlement company?
Debt settlement is not a guaranteed shortcut, and it can make an already difficult situation worse. A settlement company may tell you to stop paying creditors while it tries to negotiate. During that time, interest and fees can grow, your credit can be harmed, and collection efforts or lawsuits may follow.
Watch for claims that a company can guarantee a debt will disappear, promise a fixed percentage reduction, advertise a new government bailout, or tell you to stop communicating with creditors. The CFPB also warns against fees charged before a company has settled or otherwise changed a debt. Review its guidance on debt relief programs and warning signs before signing up.
Forgiven debt may have tax consequences, but the result depends on the circumstances. Do not assume that a settlement is tax-free or that a general explanation determines your individual tax treatment. Ask a qualified tax professional about your situation. If you negotiate directly with an issuer or a collector, get the complete terms in writing before paying. If the debt is already in collections, the written agreement should clearly state what the payment resolves.
Directly asking the issuer about hardship terms or speaking with a credit counselor may be safer first steps than paying a settlement company. The CFPB’s comparison of credit counseling, settlement, consolidation, and credit repair can help clarify that these are different services with different risks—not interchangeable labels for the same solution.
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Is credit card consolidation a good idea?
Consolidation may change how you repay debt, but a lower advertised monthly payment does not necessarily mean a lower total cost or lower risk. It also will not fix a continuing gap between household income and spending. Compare a proposed balance transfer, personal loan, or home-equity borrowing with issuer hardship options and counseling before deciding.
For any offer, examine the interest rate and how long it lasts, fees, repayment term, monthly payment, total repayment, and what happens if you miss a payment. For a balance transfer, check what happens after any introductory rate ends. For borrowing secured by a home or other property, consider that the collateral is at risk if you cannot pay. A longer term can reduce a monthly payment while increasing the total amount repaid; calculate the full cost from the actual offer rather than relying on the monthly figure alone.
Ask whether the new payment is affordable alongside essentials and other debts, and whether the plan depends on taking on additional credit. A consolidation loan or transfer can rearrange what you owe, but it does not remove the underlying debt. The CFPB’s guidance on what to consider before consolidating credit card debt covers the need to compare costs and understand the risks. The agency also addresses advertisements for debt consolidation companies; an ad alone does not establish that a company’s offer is suitable or that its claims are reliable.
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What if none of the payment options is affordable?
If you cannot make a realistic repayment plan without sacrificing essentials, seek individualized help rather than agreeing to terms you cannot sustain. The CFPB says a person who simply cannot afford to pay may consider bankruptcy and consult a bankruptcy attorney. General information cannot determine whether you qualify, what bankruptcy would mean for your particular debts or property, or what other options are appropriate.
Bankruptcy is a legal process, so speak with a qualified bankruptcy attorney about your circumstances and state. If job loss caused the shortfall, the CFPB’s unexpected job loss resource offers related guidance for managing finances after a loss of income. If a creditor or collector has contacted you, keep the communications and seek advice promptly if you do not understand a demand or deadline.
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Across all options, compare more than the immediate monthly payment: total dollars paid, interest and fees, repayment length, creditor participation, account access and credit reporting, collection or lawsuit exposure, collateral, and whether the payment leaves enough for necessities. When the numbers still do not work, a professional who can review your location and financial details may help you assess the next step.
Frequently Asked Questions
Will calling my credit card company hurt my credit?
The call itself is a request for information, but the effect of a hardship arrangement can depend on its terms and how the issuer reports the account. Ask the issuer specifically about credit-bureau reporting before accepting an offer, and request its answer in writing.
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Yes. The CFPB says consumers do not have to be behind on payments to ask for help. Contact the issuer as soon as you see that the minimum may no longer fit your budget.
What should I do if a debt settlement company says it can guarantee a reduction?
Treat a guaranteed reduction as a warning sign: settlement outcomes are not assured, and missed payments can expose you to added costs and collection risks. Do not pay an upfront fee for a promised settlement; consider asking the issuer directly or speaking with a credit counselor.
Can a debt settlement affect my taxes?
Forgiven debt may have tax consequences, but the outcome depends on the facts of the settlement and your circumstances. Ask a qualified tax professional rather than assuming a general rule applies to you.
