Have you ever sat down with your credit card bills and added up what you have due for minimum payments each month? This is often a troubling realization, especially if you have multiple cards. There are ways that you might be able to handle this situation if you find that you aren’t able to keep up with the minimum amounts due.

Your credit card company wants you to pay what you owe. When you miss payments, they will get nervous. Instead of just ignoring the fact that you owe them, you should find out if they have options to help you. One of these is a hardship payment program.

This program will vary from one creditor to another, but the key points are usually smaller payments and possibly lower interest rates. The catch to this is that it is going to have an impact on your credit. In some cases, the company might note the hardship plan on your credit report.

Another possible effect of the hardship plan is that you will be unable to use the cards while you are making the payments on the plan. This could put you in a difficult spot financially, but it can also help you to learn to use credit responsibly and budget your available money.

An alternative to this is that you might be able to file for bankruptcy. This will also impact your credit score and come with some other impacts. It is important for you to evaluate all the options you have so that you can determine the course of action that you feel is best for your needs.