I Can’t Afford My Credit Card Payments
If you are falling behind with credit card, deal with it early rather than waiting for the balance and worry to grow.
If you are falling behind with credit card, deal with it early rather than waiting for the balance and worry to grow.
Credit cards are normally non-priority unsecured debts.
What should I do first?
Check the minimum payment, interest rate, balance and whether you have already missed payments. Then work out what is left after essential living costs and priority debts.
Contact the card provider’s financial-difficulty team if you cannot make the normal payment. Explain what you can afford rather than borrowing elsewhere simply to maintain the minimum.
Will missing payments affect my credit file?
It can. Missed payments and defaults may be recorded and can affect future borrowing.
That matters, but protecting housing, energy and other priority commitments may still be more urgent when money is insufficient for everything.
Should I use another card or loan to pay it?
Moving debt can sometimes be part of a planned financial strategy, but repeatedly borrowing to make existing repayments can deepen the problem.
Before consolidating or taking new credit, get free debt advice and understand the total cost and risks.
What if I have several cards?
Look at the whole debt position together. Separate priority commitments from unsecured debts and avoid making arrangements card by card that leave the overall budget unaffordable.
A debt adviser can explain whether informal repayment, a DMP or another option is relevant.
Look at the whole financial picture
If this problem is part of a wider shortage of money, list all debts and essential spending and arrange free debt advice.
The aim is an affordable plan for the household, not simply stopping the next phone call or letter.
7.40: What Are Priority and Non-Priority Debts?
7.50: Where Can I Get Free Debt Advice?
7.56: What Questions Should I Ask Before Agreeing to a Debt Solution?
Important information
This guide provides general information and is not intended to provide financial, benefits, debt, housing or legal advice. Individual circumstances can be different. Check current information from official sources and seek advice from an appropriately qualified or authorised adviser before making important financial decisions.