Skip to main content

Exit WCAG Theme

Switch to Non-ADA Website

Accessibility Options

Select Text Sizes

Select Text Color

Website Accessibility Information Close Options
Close Menu
Nowack & Olson, PLLC Florida Bankruptcy Lawyer
  • $0 down and low payment plans available. We can assist you without having to leave your home.

What To Do If You Can’t Afford Your Credit Card Payment This Month


According to recent estimates, more than 60 percent of American adults are in debt, and many of them must resort to credit cards to pay for necessities such as groceries and utility bills.  Between inflation, the aftermath of Hurricane Ian, and the approach of a new fly season and perhaps even a new COVID variant, a lot of people’s finances are going from bad to worse.  Making minimum payments on the credit card that you have been using to make ends meet has been your go-to temporary solution, but as the balance on your credit card has gotten higher, so have the minimum payments, and this month, you might not even be able to afford to pay the minimum.  Instead of avoiding the problem, it is better to contact the credit card company about working out a temporary solution, but in anticipation of the trend of worsening financial hardship continuing, you should contact a Miami debt lawyer as soon as you finish your phone conversation with the credit card company.

Contact the Credit Card Company Directly to Negotiate a Temporary Solution

Ignoring the problem and just letting the late fees add up is the worst thing you can do when you cannot afford to make your credit card payment by the due date.  One more late fee on top of the fees that other creditors have already charged you might not seem like much, but it is not the worst that can happen.  The credit card company can lower your credit limit or even close your account, so that you will no longer have access to some of the credit on which you have been depending.

If you make the first move and notify your credit card company of the hardship before the payment deadline comes and goes, the company will be willing to work out a solution with you.  They might extend the deadline for you just this once or even lower your monthly payment on an ongoing basis.

Hardship Programs and Debt Consolidation Loans

If you know that this is not the only time you will not be able to afford your credit card payment (for example, if you have lost your job and don’t have a new one lined up), you need a farther-reaching solution.  You might be able to enter a hardship program with your credit card company, where you close the account and settle the balance for a lower amount than its face value.  If you maintained a long history of making payments on time, you might be able to transfer your balance to a credit card with an initial period of little or no interest.  Another option is to take out a debt consolidation loan and use it to pay some or all of your credit card debt.

Contact a South Florida Debt Lawyer About Getting Out of Credit Card Debt

A South Florida debt lawyer can help you if credit cards are making your financial situation both better and worse at the same time.  Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.


Facebook Twitter LinkedIn

By submitting this form I acknowledge that form submissions via this website do not create an attorney-client relationship, and any information I send is not protected by attorney-client privilege.

Skip footer and go back to main navigation