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Betsalel Cohen
UpdatedJul 9, 2024
Key Takeaways:
  • Check out the reason you are missing payments, or struggling to make payments
  • There are various debt consolidation programs to help with credit card debt.
  • Debt Settlement is a good option for those in financial hardship.

I have 2 credit cards that I can not make payments on. I am struggling to make payments and need help.

I have 2 credit cards that I can not make payments on. I would like to clear this problem up but I don't know what's the best solution. My credit has always been good. Just recently I have had some unexpected bills to come up so therefore could not make my credit card payments. Can you guide me in the right direction?

Why Do You Need Help with Credit Card Payments?

Thank you for your question about getting help with credit card payments. The good news is that there are various credit card consolidation programs, including those for people who are suffering financial hardship and struggling to make credit card payments.

It is good that you are proactive and looking to deal with your debt problems. While making late payments will hurt your credit score, you are correct in focusing on finding the best way to consolidate your debt. Once you are back on track, you can start to rebuild your credit.

Your first order of business is to determine why you need help? Are you suffering a small problem or a more significant financial hardship? Do you have an emergency fund, investments, or an asset, such as a home with equity, that can help you ride out the difficulty?

Short-term Hardship - Easy Help with Credit Card Payments

If your problem is short-term and you still haven’t damaged your good credit, then consider looking for a personal credit card debt consolidation loan. Since personal loans are for 2-5 years, check to see that you can afford the monthly payments.

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If you own a home, have equity in your home, and a credit score of at least 580-620, the consider consolidating your debt with a cash-out refinance or home equity mortgage. A 30-year loan can consolidate your credit card debt into affordable monthly payments, which allow you to make timely payments and improve your credit.

A third option to help you make your credit card payments is to take to a credit counseling service. You can get help with your budget and analysis your overall financial situation. For some people, a debt management plan helps lower credit card interest rates and create more affordable payments. However, since the proa Debt Management Plan is for about five years, check to see if you can afford the monthly payments.

Financial Hardship Programs to Help Pay Credit Cards

If you are in serious financial hardship and can’t afford your minimum monthly payments, then you need to look for a more aggressive credit card consolidation program. Instead of continuing to make your unaffordable credit card payments, debt settlement companies negotiate lump sum settlements with your creditors, frequently reducing your debts by 50% to 60% of your principal balances.

Debt settlement programs usually take only 2-4 years to complete, so this is a good option for many people to rid themselves of debt in a relatively speedy manner. Stopping payments to your creditors hurts your credit, however, if you are already missing payments, then your credit score already is dropping. If you are focused on getting out of debt, then a debt settlement plan is a good option for those in financial hardship. Once you have your debt in control, you can rebuild your credit.

Prefer to Speak About Your Debt Relief Options

Call (800) 610-4560 to receive a free, no obligation debt relief consultation from a certified debt consultant.

Get Help With Your Credit Card Payments

Are you still not sure how to deal with your credit card payments? Did you already miss payments, or on the verge of missing payments? Use innovative tool, the Debt Navigator to get a personalized analysis of ways to pay off your credit card debt.

Get rid of your debt faster with debt relief

Get rid of your debt faster with debt relief

Take the first step towards a debt-free life with personalized debt reduction strategies.

Choose your debt amount

Get started now

Or speak to a debt consultant  844-731-0836

Did you know?

Mortgages, credit cards, student loans, personal loans, and auto loans are common types of debts. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Housing debt totaled $12.82 trillion and non-housing debt was $4.88 trillion.

A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.

The amount of debt and debt in collections vary by state. For example, in Indiana, 28% have any kind of debt in collections and the median debt in collections is $1721. Medical debt is common and 16% have that in collections. The median medical debt in collections is $748.

Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.



NNate, Oct, 2007
Debt settlement, also called debt negotiation, is a form of online debt consolidation that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years. It is important to keep in mind, however, that during the life of your debt settlement program, you are NOT paying your creditors. This means that a debt settlement solution of online debt consolidation will negatively impact your credit rating. Your credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding Chapter 7 Bankruptcy. The trade-off here is a negative credit rating versus saving money.
JJeremy, Oct, 2007
Hi,I am considering entering either a CCCS program or debt settlement program. I have never been late on a payment at all in about 4 years. The problem is that I have taken a 75,000 hit to my income due to my old company going out of business (subprime mortgages). I can now only afford to make minimum payments at relatively high interest rates. Here is my question. I am 25 years old. I don't want my fico score to be damaged for a long time. How long will it take for my fico score to go back up to say 750 or so if I choose the debt settlement program? Thanks.
BBill, Sep, 2007
Thanks for your question! First of all, don't sweat it… almost everyone coming out of college has a cashflow crunch and struggles. The two ways to financial freedom are: i) increasing your income (which hopefully will occur naturally in time, as you progress through your career), and ii) getting out of those debts. In the short term, before you reach your peak earning potential, I would highly suggest trying to get the lowest monthly payments so that you can get by. I will focus on this latter approach, as I cannot impact your income.First, I'd consolidate your student loans! This can potentially cut your student loan payments in half or more. Apply here to get this program for your federal student loans (essentially, it is a one-size fits all program that locks in a low fixed rate and extends your loans' duration to 30 years and consequently cuts your monthly payments): for your credit cards:I can think of a few possible ways to assist you in repaying your outstanding debts, some that will negatively effect your credit score, and others that will not. Which option is the best for you depends on your income, your debts, and your other factors, such as whether or not you own a home. Very quickly, if you want a free debt consultation with one of Bill's approved debt help partners, click here: If you own a home (which is really unlikely, given that you just graduated college), a secured debt consolidation loan may be the right choice for you. This type of loan is essentially a home equity loan which is used to pay off your other creditors. Secured consolidation loans help many consumers by consolidating all of their debts into a single monthly payment with a lower interest rate and payment amount. Since a consolidation loan would pay all of your outstanding debts in full, it should not have a negative impact on your credit rating. However, you should think carefully before borrowing money against your home to pay off credit cards and other unsecured debts; you will be converting what was previously unsecured debt into secured debt. This could cause you problems down the road if for some reason you are unable to make your payments, or if life circumstances force you to file bankruptcy, as you may not be able to discharge the secured debt as you would unsecured debt. However, secured debt consolidation loans work for many people, so this is an option to consider carefully–the Savings Center is a great resource to help you find a lender for this type of loan. makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at: Another option to consider is a Consumer Credit Counseling Service, or CCCS. CCCS companies offer numerous services, such as financial counseling and budget planning, as well as Debt Management Plans (DMPs). In a DMP, the CCCS would arrange a new payment amount with each of your creditors, usually based on a reduced interest rate. You would then make a single monthly payment to the CCCS which would distribute the funds to your creditors, based on the new payment amounts. A CCCS program should not affect your credit score, or your FICO score, as FICO no longer factors credit counseling into your FICO score calculation. Since maintaining your credit rating is a major concern, make sure that the CCCS plan you are considering will keep you accounts current. There are several drawbacks to CCCS that you must consider. First, depending on your creditors, it may not be able to reduce your monthly payments enough to improve your financial situation. Second, it may have a negative impact on your ability to obtain a loan. Even though CCCS programs do not generally affect your credit score, many lenders view enrolling in a CCCS program the same as filing Chapter 13 bankruptcy when making lending decisions, so you may not wish to enter into a DMP if you anticipate any large purchases, such as home or an auto, in the near future. Third, the average DMP takes around five years to pay off your debts, so you must be willing and able to commit to a long-term repayment plan.If you find that neither of the two options mentioned above will lower your monthly payments enough to improve your financial outlook, you may also want to consider the services offered by debt settlement firms. Rather than making monthly payments to your creditors, these programs negotiate lump sum settlements with your creditors, frequently reducing your debts by 50% to 60% of your principal balances. These programs usually take only 2-3 years to complete, so this is a good option for many people to rid themselves of debt in a relatively speedy manner. In many cases they can also reduce your monthly payment toward your debt. There is one major drawback to debt settlement programs–they will significantly damage your credit rating while in the program and for at least a year or two afterwards. However, if you are currently unable to afford to pay your creditors, the hit to your credit may be worth the benefit of ridding yourself of credit card debt.Depending on your income and the type and amount of debt, one of the several options I have described above may be able to help you. I encourage you to explore the website, to read more about these and other options available to you. I hope this information helps you Find. Learn. Save.Good Luck,
LLindsey Anderson, Sep, 2007
hi-I am a recent college graduate and am slammed with debt. I have high a interest rate on my crdit card and my minimum payment is outrageous. I am feeling very swamped with payments and would love to get on a payment plan for my credit card so that I can pay it off. Do you have any suggestions for me?