Can't make your credit card payments this May? Here's what to do.

If you're feeling some extra pressure from your mounting credit card bills right now, you're far from alone. America's credit card debt crisis recently reached alarming new heights, with the total amount of credit card debt nationwide now sitting at $1.21 trillion. This unprecedented level of debt represents real financial strain for millions of households across the country, as the average cardholder now owes nearly $8,000 on their credit cards — a burden made heavier by interest rates that continue to hover near record highs.

Add to that the other pressures caused by an uncertain economic outlook and lingering inflation and it creates the perfect storm for consumer finances. As a result, many cardholders who previously managed to keep up with their monthly credit card obligations have now found themselves falling behind. That has led to some concerning trends, including an uptick in missed credit card payments, rising delinquency rates and more cardholders making only minimum payments — all of which are warning signs that financial distress is spreading.

If you're one of the many who's facing the prospect of missing your credit card payment this May, you may be stressed, but the good news is that you have options. And, taking action early can help protect your finances from long-term damage, whether you're experiencing a temporary cash flow problem or dealing with more persistent financial challenges.

Compare the credit card debt relief options available to you now.

What to do if you can't make your credit card payments this May

If you're staring down your credit card statement and wondering how you'll make the next payment, there are steps you can take to regain control, protect your credit and avoid digging yourself into a deeper financial hole. Let's walk through your options:

Contact your credit card issuer immediately

Before the due date passes, call your credit card company. Many issuers offer hardship programs or temporary relief options for struggling cardholders, especially if they have a history of making on-time payments. Depending on your situation, the card issuer may be willing to:

• Waive late fees
• Temporarily reduce your interest rate
• Pause your minimum payment requirement for a month or two

The key here, though, is to act sooner rather than later. If you wait to request this kind of help until after you've missed a payment, your options become more limited and your credit report could already be affected.

Chat with a debt relief expert about the programs you could qualify for today.

Consider a balance transfer

If your credit is still in decent shape, a balance transfer credit card could offer short-term relief from interest charges. These cards allow you to move your high-rate debt to a new card with a 0% introductory APR for a set period, typically 12 to 21 months. This can give you time to chip away at your balance without adding more interest to the mix.

There are a couple of things to be mindful of, though. One is that you'll typically pay a balance transfer fee (usually 3% to 5% of the amount transferred). You should also make sure to have a plan to pay off the balance before the introductory period ends because once it does, the interest rate on your balance transfer card can spike sharply.

Explore what debt management offers

A debt management plan is a structured repayment plan offered through a credit counseling agency that can help you regain control of your finances (and better afford your monthly credit card payments). With a debt management plan, the credit counselor works with your creditors to try and reduce your interest rates and fees while consolidating your monthly payments into one manageable sum. While most agencies charge fees for this service, they tend to be reasonable, especially compared to the costs of other types of debt relief. And, the benefits tend to often far outweigh the costs for those struggling with multiple debts.

Look into a debt consolidation loan

Taking out a loan with a lower interest rate than your credit cards can help you consolidate multiple debts into one loan with a single monthly payment. By rolling multiple credit card debts into one more affordable loan, you can lower your monthly costs by reducing the interest charges while also simplifying your repayment schedule. Debt consolidation loans tend to work best if you qualify for a competitive interest rate — usually below 15% — which can depend on your credit score and income. So, be sure to check your rate with a few lenders and also factor in any origination fees (or other fees) when calculating the total cost.

Consider debt settlement (with caution)

If your financial situation is dire and you're several months behind on payments, debt settlement (also known as debt forgiveness) might be an option worth considering. This strategy involves negotiating with creditors to pay less than what you owe in total, typically with the help of a debt relief company.

While this can reduce your overall debt load — successful negotiations result in paying 30% to 50% less than your original balance on average — it often comes with risks, like credit score damage, tax implications and fees. So, while debt settlement is typically worth considering, you'll typically want to make sure all other repayment options have been exhausted first.

The bottom line

If you can't make your credit card payments this May, don't panic — but don't delay either. The sooner you take action, the more options you'll have to avoid financial fallout and start working toward a solution. Begin by talking to your creditors, exploring reputable debt relief strategies and considering what a realistic option for your income and goals would be. Whether it's through a temporary credit card hardship program, debt management plan or even settling for less than what's owed, getting proactive about the issue can make all the difference in getting back on track.