Reduce your monthly credit card payment by negotiating with creditors or transferring the balance onto a new credit card, according to About.com. A credit counselor can also help negotiate with creditors and help you to figure out strategies for lowering your monthly payment.
Calculate how much money every month you realistically can make on credit card payments, suggests MoneyCrashers.com. Call the phone number on your credit card, and explain your situation honestly. Answer questions about who lives with you, the income of each person and the expenses you pay. Include values for groceries, utilities, gas, insurance and other expenses.
If this strategy does not work, ask to speak to the supervisor of the person you are talking with on the telephone, explains About.com. Ensure any agreements you make are in writing as well. If you have other loans, such as a home mortgage, use debt consolidation to combine the mortgage and credit card payments into one loan with a lower interest rate. You can also transfer your balance onto a new credit card with a lower interest rate; make sure the balance transfer fee does not wipe out the money you save by transferring.
Credit counselors can negotiate lower monthly payments on your behalf. Setting up a debt management plan with a counselor also helps, but ensure your counselor is legitimate, recommends About.com. Do not sign up with debt settlement companies.