The holiday season is approaching, but for many Americans, the excitement is being overshadowed by their issues with mounting credit card debt. Right now, the average person owes nearly $8,000 on their credit cards and that’s happening at a time when economic challenges, like inflated housing, groceries and gas costs, are pushing many household budgets to their limits. This perfect storm of elevated credit card balances and budgetary challenges has created a concerning cycle of debt that’s hard to break free from.

What makes the situation particularly challenging, though, is the current state of credit card interest rates. Despite positive shifts in other lending markets, credit card APRs have remained stubbornly high, averaging around 23%. That makes credit card debt one of the most expensive forms of debt, as the compound nature of the interest and the elevated rates mean that any revolving balance you carry becomes increasingly expensive each month. 

If you’re finding yourself struggling to meet your credit card obligations this November, you’re not facing this challenge alone. Many cardholders have fallen behind on their bills recently, and while missing payments can trigger serious consequences — from damaged credit scores to compounding late fees — there are several strategies available to help you regain control of your financial situation. 

Take steps to get rid of your high-rate credit card debt today.

3 debt relief options to consider this November

If you’re falling behind on your credit card obligations this month, these strategies could help you get back on track.

Find out if you qualify for issuer-based relief

If you’re experiencing temporary financial difficulties, reaching out to your issuer can be a helpful first step. Many card issuers offer hardship programs designed to support customers facing tough economic situations, such as job loss, medical bills or other unexpected expenses. These programs vary by issuer but typically involve temporarily reducing interest rates, waiving fees or establishing a lower monthly payment plan.

For example, some hardship programs may allow you to pause payments for a set period or lower your monthly minimum until you’re in a better financial position. This not only helps avoid late fees and penalties but also prevents your credit score from taking a significant hit. It’s essential to reach out as soon as you anticipate difficulties, though. Waiting until after a missed payment can make it harder to negotiate favorable terms.

Before enrolling in a hardship program, though, make sure you understand the terms and conditions. While such programs can offer short-term relief, they may come with trade-offs, like temporary restrictions on new purchases.

Find out what help a debt relief agency could offer you now.

Utilize one of your debt relief program options

If a hardship program isn’t enough to meet your needs, a debt relief program might offer the help you’re looking for. While there is a wide range of debt relief strategies to utilize, two of the more popular options are debt consolidation programs and debt settlement programs. 

With a debt consolidation program, you secure a debt consolidation loan through a debt relief agency’s third-party lending partner to pay off your existing credit card balances. The benefit? You’ll make just one monthly payment at a potentially lower interest rate, which could save you money and simplify your repayment process. Plus, these partner lenders generally have less restrictive borrowing parameters, so borrowing may be easier to qualify for through these programs.

Another option is a debt forgiveness (i.e. debt settlement) program. These programs aim to negotiate with your creditors to reduce the total balance that you owe, often by a significant amount. In many cases, you could see your balance reduced by 30% to 50% or more, making it easier (and cheaper) to pay off what you owe. 

Get low-cost guidance from a credit counselor

For those looking to regain control of their finances without taking on more debt or negotiating with creditors, working with a credit counseling agency can be a smart move. Credit counseling agencies offer low-cost or even free advice on budgeting, managing debt and building better financial habits — and can help you devise a plan to manage and reduce your debt. 

A popular service offered by credit counseling agencies is a debt management program. With this type of program, the agency works with your creditors to lower your interest rates and create a repayment schedule you can manage. You’ll make one monthly payment to the agency, which then distributes the funds to your creditors. This can streamline the repayment process, reduce interest charges and help you pay off your debt faster than if you were making minimum payments.

The bottom line

Missing a credit card payment can feel overwhelming, but it doesn’t have to derail your financial future. By exploring the options available to you, such as hardship programs, debt relief solutions and credit counseling, you can find a path that fits your financial situation and works toward easing the burden of credit card debt. The most important step is to act early, as addressing the problem before it escalates can prevent additional financial strain and help you regain control of your finances.