What to do if You can’t Pay Your Credit Card Bill

There is no worse feeling than staring at a credit card bill that you can’t afford to pay. You want nothing more than to eliminate (or reduce) this debt, but realize that it’s not possible to do so right now.

Despite your situation, there are steps you can take to dig your way out of trouble. Here are a few to consider if you can’t pay your credit card bill:

• Assess your situation. Learn more about your debt, including how much you’re carrying, the interest rate, and the minimum payment. The details you collect will help you make more informed decisions in the near future.
• Contact your credit card company. Talk to them about what’s going on, explaining why you can’t pay and how you’re attempting to make things better. For example, if a serious illness has taken its toll on your finances, explain this to your credit card company.
• Maybe your credit card company agrees to lower your minimum payment for the time being. Or maybe they’ll lower your interest rate so you don’t continue to rack up debt, month after month. You never know what your company can offer until you get the right person on the phone.
• Consider a balance transfer. If you have debt spread across several credit cards, a balance transfer is a strategy to consider. This allows you to consolidate your debt, thus making it easier to manage. It also saves you money, since these offers come with a zero percent introductory rate. Note: take the balance transfer fee into consideration before going down this path.

It’s frustrating to find that you can’t pay your credit card bill. You may even have serious concerns about what this means to your financial future. Rather than hope that things get better, use one or more of the strategies above to your advantage.