Can’t Afford Debt Payments? 4 Ways to Get Help

Dealing with overwhelming debt can be a stressful and challenging situation for many Americans. According to a recent survey conducted by Achieve and Money.com, more than one in three Americans admit that they are unable to afford the full monthly payments on all their debts. This financial strain is exacerbated by the rising cost of everyday essentials, pushing many households to rely more heavily on credit.

Household debt in the United States reached $18.8 trillion in the fourth quarter of 2025, with high-interest debt like credit card balances posing a significant threat to financial well-being. The survey revealed that 80% of respondents with far more debt than they can manage struggle to afford their payments, hindering their long-term financial goals.

If you find yourself in a similar situation, there are steps you can take to start turning things around. Here are four strategies to consider:

1. Stop the bleeding:
The first step in gaining control of your debt is to stop your balances from growing. This may involve cutting back on non-essential spending, such as dining out and subscription services, and finding ways to save on essentials like groceries and gas. Creating a budget and sticking to it can help you track your income and expenses, allowing you to allocate funds appropriately.

2. Consider debt management tools:
Debt consolidation is a strategy that can help you streamline your debt by combining multiple debts into a single loan with a lower interest rate. Balance transfer credit cards with a 0% APR can provide temporary relief, while personal loans or home equity loans offer long-term solutions for debt consolidation.

3. Ask for assistance from your lender:
Don’t hesitate to reach out to your creditors and explain your financial situation. Many lenders are willing to work with borrowers facing hardship, offering options like interest rate reductions or debt forgiveness. Being proactive and communicating with your lenders can help you find solutions to manage your debt more effectively.

4. Bring in expert help:
If you need additional support, consider seeking assistance from credit counseling organizations or debt settlement companies. Credit counselors can provide educational resources and help you manage your debt through a structured repayment plan. Debt settlement companies negotiate with creditors on your behalf to reduce the total amount you owe, offering emotional and financial relief for many individuals.

Dealing with debt can be overwhelming, but with the right strategies and support, you can take steps towards achieving financial stability. By implementing these tips and seeking assistance when needed, you can work towards a brighter financial future.