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5 things to do if you can’t pay your credit card bill

Kendall Little
·Senior Writer, Credit Cards
5 min read

Whether you’re facing a lasting financial hardship or hit a one-month road bump, missing a credit card payment can be scary.

Not only does a missed payment come with fees and penalties that could set you back even further, but the potential hit to your credit score could limit future borrowing access.

However, missing a payment altogether should always be a last resort. Before you get to that point, there are a few actions you can take to remain in good standing and get your payments back on track.

Missing a credit card payment can result in late fees and show up on your credit report. But even if you can’t pay off your entire balance (or the amount you usually put toward your credit card bill), do your best to pay something.

If you have enough money to pay at least the minimum amount required, that’s better than paying nothing. You might still take on interest charges but won’t risk fees and penalties or have a missed payment reported on your credit history.

Payment history, after all, is the most influential factor in your credit score. If you make at least the minimum payment every month, your credit card company will still report a positive payment history to the credit bureaus. That way, you’ll maintain good credit while working to pay off the rest of your balance.

As soon as you know you cannot make this month’s payment, call your credit card company.

Your issuer can help you work out a solution, whether a one-time exception for a single financial setback, a longer-term payment plan, or a hardship program to keep you from falling behind on payments. Here are a few examples of options you may have:

  • Extend your payment due date

  • Reduce the monthly payment amount you owe

  • Pause fees

  • Change your monthly due date

  • Offer a lower interest rate

Your credit card account history may affect which of these types of accommodations you qualify for. If you consistently pay on time and haven’t fallen behind in the past, you may be more likely to get an exception this time.

You can contact your issuer by calling the number on the back of your card or logging into your online account and messaging a representative.

Try these solutions before you risk a missed or late payment:

Get creative about ways you can fit the payment into your budget. Depending on how your issuer calculates minimum payments, you may only need to come up with $35-$55 to avoid late fees and penalties. Over time though, it’s still important to pay more than the minimum to avoid high interest rates and mounting credit card balances.

Sit down and comb through your budget, including credit card, debit card, and cash spending over the past few months. Look for unnecessary purchases and expenses you may not know you’re paying, like forgotten subscriptions or other recurring payments. While you may need to adjust your budget more to ensure you don’t overspend and miss credit card payments in the future, eliminating unnecessary budget items can be a great place to start making lasting changes.

If you’re currently going through a financial hardship that’s preventing you from paying your credit card bills, consider dipping into your savings account if you have one — for example, an emergency savings fund. Later, when your payments are back on track, you can build the balance back up.

Before you miss a payment and risk a hit to your credit, consider whether a 0% APR card could help minimize your costs and get you back on track. You can use a card with an introductory 0% APR on balance transfers to pay down your existing balance over 12-21 months before interest kicks in.

These cards typically require good-to-excellent credit, so you’re most likely to qualify with a solid credit score.

Here are some of the best credit cards for balance transfers today:

You may benefit from a more lasting solution if you’re consistently behind on your credit card bills. A nonprofit credit counseling organization can help you find counselors who will work with you to get out of debt and create a financial plan at a low cost or even for free. A credit counselor can help you develop a debt management plan with lower monthly payments for your existing balances.

Make sure you seek credit counseling help from a trustworthy, nonprofit organization. The Financial Counseling Association of America (FCAA) and the National Foundation for Credit Counseling (NFCC) are good places to start. You can also read more about what to look for from a credit counselor — and red flags to avoid — from the Consumer Financial Protection Bureau (CFPB).

This article was edited by Rebecca McCracken

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