Short answer. Before you call, add up your income and must-pay costs and decide what you can afford. Then call the card company as soon as you know you'll struggle, explain why, say how much you can pay and for how long, and ask what the arrangement would do to your rate, fees, card and credit reporting. Ask for the agreement in writing before you rely on it.
Why the timing matters
The CFPB says to "contact your credit card company immediately," and that many companies will work with you on a changed payment during a financial emergency. The FTC puts it more simply: "call the creditors you owe money to. Don't wait." The earlier you call, the more room there is to set terms before late fees and missed payments pile up.
Step 1: Know your numbers
The CFPB suggests adding up your income and expenses and deciding how much you can afford before you call. Write down monthly take-home pay; must-pay costs such as rent, utilities, food, medicine and getting to work; and the minimum on each card. What's left is the most you can offer across all debts. If you have several cards, decide how to split that before the first call.
Step 2: Call, and say four things
The CFPB lists what to explain:
- Why you can't make the minimum payment.
- How much you can pay.
- When you expect to be able to go back to normal payments.
- The new payment amount and how long you're asking for it.
The FTC also suggests asking about a lower interest rate and proposing a payment plan you can afford. Some companies call this a hardship program; others use different names. Ask what they offer.
Step 3: Ask the questions that change the deal
- What will my interest rate be during the plan, and after it ends?
- Will late fees or other fees stop, and will past fees be removed?
- Will my card be closed, suspended or have its limit lowered?
- How will the account be reported to the credit bureaus during the plan?
- What happens if I miss a payment under the plan?
- When does the plan end, and what will my payment be then?
Write the answers down with the name of the person and the date.
Step 4: Get it in writing
The FTC says to "make sure they send a written version of any agreement you make," keep records of who you spoke with and what was agreed, and keep the written agreement until all payments are made. A short letter confirming your request helps too: it shows the date you asked and what you offered.
Step 5: Keep to the plan and check statements
Set up the payment for the agreed amount and date. Check the next two statements to make sure the rate and fees match what you were told. If they don't, call back with your notes.
If they say no, or you need more help
The CFPB says nonprofit credit counseling organizations can help you manage money, and to ask before enrolling whether you'll be charged, how much, and what you'll get. It also warns about debt settlement: a debt settlement company "is not allowed to collect fees before settling or resolving your debt," and warning signs include promises to make debt disappear and advice to stop paying or stop talking to your card company. The FTC adds that "only scammers will try to collect fees from you before they settle any of your debts."
Example: preparing the numbers (hypothetical household)
Monthly take-home pay: $2,600. Rent, utilities, food, medicine and bus fare: $2,250. That leaves $350 for all debts.
Two cards: Card A minimum $140, Card B minimum $95, together $235. The $350 covers both minimums this month, but hours were just cut and next month's pay will be about $400 lower.
The call script for Card A might be: "My hours were cut in October. I can pay $80 a month for the next six months, then I expect to return to normal payments. Can you tell me what you offer, what my rate and fees would be, and how it will be reported?"
All numbers are made up for illustration.
Sources
- CFPB: What should I do if I can't pay my credit card bills? (reviewed Sept. 2, 2026)
- FTC: How to get out of debt (Dec. 2025)
Common questions
Will a hardship plan hurt my credit?
It depends on the company and the arrangement, so ask how the account will be reported during the plan and write down the answer. No one can promise a particular effect on a credit score.
Does every card company have a hardship program?
Not under that name, and terms vary. The CFPB says many card companies will work with you on a changed payment if you face a financial emergency, so ask what's available.
Should I stop paying so they'll offer me a deal?
The CFPB lists advice to stop making minimum payments as a warning sign of a debt settlement pitch. Call the company first and pay what you can.
Do I need to send a letter?
The FTC says to get any agreement in writing. Sending your own short letter confirming the request and the amount you offered also gives you a dated record.
What's the difference between credit counseling and debt settlement?
Nonprofit credit counseling helps you manage money and may set up a plan with creditors; ask about fees first. Debt settlement companies try to negotiate a lower payoff and, the CFPB says, can't charge fees before settling a debt.
Related guides
- Behind on rent or utilities in New Jersey: where to get help
- A debt collector called: your first five steps
- How to dispute an error on your credit report, step by step
This guide is general information, checked November 2026 against the official pages listed in Sources. It is not financial, legal or tax advice, and it doesn't recommend any plan or product. The lender, servicer or agency decides the terms.