How do I Arrange for a Credit Card Payment Plan?

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  • Written By: April S. Kenyon
  • Edited By: Allegra J. Lingo
  • Last Modified Date: 23 January 2020
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Many credit card companies are willing to negotiate with customers in order to achieve a credit card payment plan that will benefit both parties. By contacting the company to arrange a more affordable credit card payment plan, you may be able to receive lower interest rates, erase late fees, or lower your monthly minimum payment amounts. Before calling the company, gather all necessary information and determine the amount you are capable of paying. Most customer service representatives will not have the authority to negotiate a credit card payment plan. It will often be necessary to ask to speak with a supervisor.

If you find yourself in credit card debt, you should first make a record of your current financial situation. Write down your existing debts, monthly payments, necessary expenses, and your current income. From this, figure out how much you can reasonably afford to pay on your credit card debt each month. Be sure that you have accurate records and a solid plan. It may be necessary to share this information with the credit card company to show them that you are serious about paying off your debt.


Before contacting the credit card company, you should have all the necessary information in front of you. This includes your current credit card bills, your existing payment plan, and what amount you have determined you are capable of paying. Do not back down on this amount. If you cannot afford to pay more than that, do not agree to a higher amount. You may find yourself right back in the same situation if you do.

Assure the lender that you are not attempting to avoid paying your debts, but instead making an effort to find a method to get them paid off. Once the company realizes that you are not trying to evade payment, and that bankruptcy may be your only alternative, they will likely be more willing to work with you to reach a credit card payment plan that you can afford. Don’t stop at asking for lower monthly payments. You may also try to negotiate a lower interest rate or eliminate late fees. In some instances, creditors may be willing to lower these rates and fees for a temporary amount of time.

If the company will not negotiate on your credit card payment plan, they may be willing to reach a settlement plan instead. They may accept a smaller bulk amount to close out the credit card account if they realize that you will be filing bankruptcy in the event that a negotiation cannot be reached. You must be capable of paying this bulk amount up front in one payment.



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