Begin with the statement—not a sales claim
Card statements show APRs, minimum payments, late fees, and a payoff disclosure. These numbers establish what continuing the current payment pattern could mean before you compare alternatives.
Choose the guide closest to your balance
| Balance guide | Primary focus |
|---|---|
| $20,000 | Initial threshold, payoff math, and the main paths |
| $25,000 | Step-by-step repayment planning and option comparison |
| $30,000 | Diagnosing cash flow and choosing the right branch |
| $40,000 | High-balance affordability and program questions |
| $50,000 | Stress testing and a high-balance decision framework |
What can change the decision?
- Whether minimum payments are affordable now
- How much extra principal the monthly budget can support
- Credit score and eligibility for a lower-rate product
- Whether any accounts are late, charged off, or in collections
- Income stability and the need to preserve essential expenses
Compare the full cost
A lower monthly payment is not automatically a lower-cost outcome. Consolidation can stretch repayment; settlement can add risks and fees; and bankruptcy has serious legal and credit consequences. Compare total cost, timing, risk, and what happens if the plan fails.
Act early when payments are difficult. CFPB recommends contacting the card issuer immediately and explaining why the minimum is unaffordable, what you can pay, and when normal payments could resume.