If you have no money to pay credit card debt, the first thing you should do is call your credit card issuer and explain your situation. Skipping a payment can lead to late fees, a growing balance due to compounding interest, and a blemish on your credit report. Credit card companies typically offer hardship programs that allow you to make at least minimum payments in exchange for a reduced debt balance. In many cases, this can save you thousands in interest costs and help keep your credit report in good standing. More In-Depth

No Money to Pay Credit Card Debt? Tips for Financial Recovery

The next step is to create a budget and determine how much disposable income you have to dedicate to credit card repayments. Use your budget to prioritize your debts and determine how to make a dent in your balances with minimal impact on other areas of your finances. This may require a radical shift in your spending habits. You can also try using the debt snowball method, which involves listing your debts by size and then paying off the smallest one first. This can be an effective strategy if you’re motivated by a sense of progress.

You might also consider a credit card balance transfer, which allows you to move some of your outstanding debt from one card to another without having to pay it off right away. However, a balance transfer can hurt your credit score if you carry a large balance from the original card and then carry a balance on the new one.