If job loss means you cannot make a loan or credit card payment, contact each lender or servicer promptly—ideally before the due date—and ask what hardship options are available. First work out what you can realistically afford, then get any changed payment terms in writing. A missed payment or stopped automatic debit does not, by itself, change what you owe.
1. Work out what you can afford before calling
Make a short-term cash-flow list so you can explain your situation clearly and avoid agreeing to a payment you cannot sustain. Include all available funds and the bills that cannot wait.
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- Income and funds: unemployment benefits, severance, savings, and any household contributions. Benefits generally do not replace all lost income, and eligibility depends on your circumstances; see the CFPB’s job-loss guidance.
- Essential expenses: housing, utilities, food, transportation, insurance, and other necessary costs.
- Debts: each lender or servicer, balance if known, minimum or scheduled payment, due date, and whether an automatic withdrawal is set up.
- Available payment: the amount you can pay now and, if you can estimate it, when your income may change.
A bill calendar can help you see which due dates and withdrawals are coming up. For credit cards, the CFPB recommends deciding what you can afford before contacting the card company.
2. Contact each creditor or servicer promptly
Call the number on your statement or the lender’s official website. Explain that you lost your job, say why the current payment is unaffordable, and ask what hardship arrangements are available for your specific account. Do not assume a lender offers a particular program or that a conversation alone changes your contract.
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Be prepared to explain how much you can pay, when you might be able to resume regular payments, and what temporary payment or time period you are requesting. For other loans, ask what information or documents the servicer needs to review your situation.
Questions to ask before agreeing
- Is there a hardship or loss-mitigation option for my account?
- Can the payment, interest rate, fees, or due date change temporarily?
- If payments are reduced or paused, will interest continue, and how will missed amounts be handled?
- Will the account be closed or restricted? How will the arrangement and payments be reported to credit bureaus?
- What amount must I pay, by what date, and how should I make the payment?
- Can you send the complete terms in writing, and who should I contact if they are not reflected correctly?
Compare any proposed arrangement by its payment amount and duration, interest, fees, treatment of skipped payments, total repayment cost, account access, and credit reporting. The consequences depend on the creditor, account, and terms. The CFPB has warned that an arrangement may not appear correctly on a credit report; its credit card payment guidance explains steps to take if you cannot pay.
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3. Manage automatic payments without overlooking the debt
If an automatic withdrawal may hit an account without enough money, contact your bank and the creditor quickly. Ask what steps are needed to prevent an unwanted debit or overdraft and agree separately with the creditor on how to handle the payment. Stopping an automatic debit does not cancel the debt or establish a hardship arrangement. CFPB’s job-loss guidance recommends contacting financial institutions and lenders promptly when payments may be missed.
4. Ask about options specific to the loan
Available arrangements depend on the type of loan, the account, and your circumstances. Check with the servicer rather than assuming one loan program applies to another.
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Federal student loans
Some borrowers may qualify for income-driven repayment options based on income and family size. Contact your servicer and check current rules and eligibility with the U.S. Department of Education.
Private student loans
Ask the private-loan servicer what options it offers. Do not assume federal student-loan programs or terms apply to a private loan.
Auto loans
Contact the lender about hardship options. If you bought a debt cancellation or suspension add-on with the loan, review its cost, exclusions, eligibility, and claim process before relying on it. These products are optional and may not be useful for every borrower, according to the CFPB’s overview of auto-loan debt cancellation and suspension products.
Mortgages
Contact the mortgage servicer promptly and ask about loss-mitigation options. Depending on the loan and your situation, options may include forbearance, refinancing, or modification; ask about eligibility and the consequences of each before agreeing.
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Payday loans
Contact the lender and ask whether an extended repayment plan or another option is available. Availability can depend on state law or lender policy. See the CFPB’s payday-loan guidance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.5. Watch for misleading debt-relief offers
Be wary of a for-profit debt-relief company that guarantees it can make debts disappear, tells you to stop paying or stop talking to your card company, or demands fees in advance. The CFPB says settlement companies cannot collect fees before settling or resolving a debt. If you consider credit counseling, ask what services are included and whether there is a fee and how much it is. The CFPB’s credit card guidance describes these warning signs.
6. Keep records and check that the agreement is followed
Write down the date of each call, the representative’s name or ID, the terms discussed, and any payment confirmation number. Save letters, emails, statements, and proof of payment. Review later statements and your credit reports to see whether the arrangement and payments are being handled as agreed. If information is wrong, contact the creditor and the credit reporting company. You can also submit a complaint to the CFPB about a financial product or service.
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