Short answer: if you think you might miss a credit card payment, or already have, the CFPB says to contact your credit card company as soon as possible. Card companies offer “loss mitigation programs, sometimes called forbearance or hardship programs”, which can let you postpone a set number of payments or pay a lower monthly payment at a reduced interest rate (CFPB, archived 2019 blog). This is general information, not legal advice.
Both CFPB blog posts quoted here are archived pages, and the CFPB notes that archived information may be outdated. Ask your card company for its current terms.
What you can ask for
The CFPB described these forms of help (CFPB, archived 2020 blog):
- Lowering or deferring your monthly minimum payment for a limited period. Skipped or reduced payments still have to be made up later.
- Waiving or refunding late fees, if you ask for financial relief.
- A temporarily lower interest rate. The rate returns to normal when the term ends.
- A payment plan for the existing balance.
Questions to ask before you agree
From the CFPB’s list (CFPB), adapted from its pandemic wording:
- If I can’t make my payment because of a financial hardship, do you have a financial relief program?
- Are there fees associated with these options?
- If I defer or lower my monthly payments, will interest continue to accrue during the relief period?
- How long does the relief period last, and when will I need to start repaying?
- What happens if my situation hasn’t changed when the period ends? Is there an option to reevaluate?
- What information will be reported to the credit reporting agencies?
- Will I lose the ability to charge anything to my card if I enroll?
Get it in writing
The CFPB says to get written confirmation of any alternative repayment option you agree to (CFPB). During the relief period, check each statement against the agreement and dispute any errors (CFPB).
What can happen to your card and credit
- If you don’t pay, the card company may block your ability to use the card and report the delinquency to the credit reporting companies, and that delinquency can generally stay on your credit report for up to seven years (CFPB).
- Card companies can generally lower your credit limit, even so that you have no available credit (CFPB).
- Closing a card can increase your credit utilization ratio and lower your score (CFPB).
- Ask what the program will report, since the CFPB lists that among the questions to ask (CFPB).
Other options to compare
A nonprofit credit counselor can set up a debt management plan that combines your card payments: see debt management plan vs consolidation loan. For a loan that pays off several cards, see debt consolidation loans with bad credit. Before paying a debt settlement company, read debt settlement company risks; the CFPB says you can ask your card company yourself (CFPB).
If you still need to borrow
This example is only for the math, not a typical balance. It compares $2,000 over 24 months at the Federal Reserve’s August 2026 averages: 11.90% APR for 24-month personal loans and 22.36% for credit card plans (G.19). If your card company offers a hardship rate, ask for its exact rate and term and compare.
| Option | Monthly payment | Interest | Total paid |
|---|---|---|---|
| Personal loan at 11.90% | $94.05 | $257.20 | $2,257.20 |
| Credit card at 22.36% | $104.11 | $498.64 | $2,498.64 |
$94.05 x 24 = $2,257.20, and $104.11 x 24 = $2,498.64. For paying only the minimum, see credit card minimum payment vs personal loan.
Checklist
- Call your card company before or right after a missed payment.
- Ask about fees, interest, length, credit reporting and card use.
- Get the terms in writing and check each statement.
- Compare a debt management plan and a consolidation loan.
Start your loan request How our service works
Sources
- CFPB archived blog: Need help with your credit card debt? Start with your credit card company! (April 3, 2019)
- CFPB archived blog: Credit card debt during coronavirus: Relief options and tips (May 19, 2020)
- CFPB: Can my credit card issuer reduce my credit limit? (reviewed July 12, 2022)
- CFPB: Does it hurt my credit to close a credit card? (reviewed December 31, 2024)
- Federal Reserve: G.19 Consumer Credit (released October 7, 2026), terms of credit, August 2026: credit card plans and 24-month personal loans
Disclosure: Modern Lending Solutions is not a lender, loan broker or agent for any lender or loan broker, and does not make credit decisions. Any compensation we receive is paid by participating lenders, only for advertising services. This guide is general information, not financial or legal advice.