If you think you will miss credit card payments, the first option is to reach out to your credit card company. You may find out the company can:
- Lower or defer your monthly payment.
- Waive or refund late payment fees.
- Lower your interest rate temporarily.
- Work with you to set up a repayment plan.
Another option is credit card consolidation. This is especially helpful if you have multiple credit cards or other types of debt. When you consolidate credit card debt, all of your existing debts get rolled into one debt. Your debts will be collected and replaced with a credit card consolidation loan, or they will be transferred to one balance-transfer credit card. Then, you will only have to make one convenient monthly payment on this loan.
Before you consolidate all credit card debt, be sure to do your research and compare credit card consolidation offers online. With the right offer, you may be able to get a lower interest rate on your new loan or balance-transfer card, which can save you money on your monthly payments.