The pandemic might be over, but inflation is still high, with groceries costing 23.3% more than they did in February 2020. In addition, credit card interest rates are also high (20.09% as of March 2025), and credit card debt totals $1.211 trillion in the United States. This all means it might be more challenging to pay your monthly credit card bill.
While paying more towards your balance each month is the best option to get debt down more quickly, sometimes that’s just not possible. But you should always pay at least the minimum.
Here are some tips for what to do if you can’t pay your monthly bill:
- Budget: To get on top of debt, add up your household expenses and subtract them from your monthly income. This lets you see where your money goes each month, how much you have left over to put toward your credit card payments, and where you can cut back.
- Call your lenders: It also never hurts to call your credit card company and ask them to lower your monthly payment. If you explain your situation, expenses, and income, they will often work with you to make the payment affordable. But this is typically temporary, so make sure to have a backup plan.
- Seek credit counseling: When you meet with a credit counselor from a certified credit counseling agency, they’ll help you create a budget and plan for the future. You may also decide to enroll in a debt management plan, allowing a counselor to work with your creditor to reduce your interest rate and consolidate your debt into one monthly payment.
- Be on the alert for debt settlement companies: Debt settlement companies can help you get out of debt, but they come with many risks. Often, they charge high fees and will encourage you to stop paying on your credit cards completely, which is harmful to your credit score. All of this could wind you up in even more debt.
- Leave your card at home: This is true both figuratively and virtually. If you have a card linked to an online account, unlink it to avoid temptation.
While being in credit card debt can feel like an endless struggle, especially if you can’t afford it, there are ways to help yourself, so you can improve your financial future.