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What To Do If You Can’t Pay Your Credit Card Bill

Even though you have the best intentions, there could come a point when you realize that your credit card balance is out of control. When that happens, it’s easy to panic. It’s also easy to run and hide and hope for the best. Unfortunately, neither of these things will move you in the right direction.

There are key steps to take if you can’t pay your credit card bill. Here’s where you should start:

Review Everything

You know that you’re struggling to pay your bill, but that doesn’t mean you know the details of your account. Answer questions such as:

  • What is your total balance?
  • What is your current interest rate?
  • What is your minimum monthly payment?
  • When was the last time you made a payment?
  • Have you been hit with any late fees to this point?

Once you know the answers to these questions, everything will begin to come together. 

Stop Adding to Your Balance

You can do everything right, but if you continue to add to your balance you aren’t going to make any progress. There are no two ways about it.

So, if you’re serious about paying down your credit card bill, you need to stop making purchases. 

Budget to Pay it Down

This is when you begin to take action and see progress. Even if you only pay the minimum every month, at least you’re not missing payments. And that will help you stay out of hot water with your credit card company. 

Review your budget with an eye toward finding money that you can use to pay down your credit card debt. It’s there. You just need to find it. 

Negotiate With Your Credit Card Company

If you have tried everything and realize that you can’t afford even the minimum payment, contact your credit card company to share your circumstances and ask for assistance. It’s better to do this than it is to hide and hope you can find the money somewhere.

Your credit card company may be willing to help, such as negotiating a one-time lump sum payment or waiving late fees until you get back on track.

Final Thoughts

These are just a few of the steps you can take if you are unable to pay your credit card bill. By doing these things, you put yourself in a better position to overcome your debt in a reasonable period of time.

Have you ever found yourself in this situation? How did you finally eliminate your balance? 



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