I can't afford the minimum payment required on my statement. Can I pay less?
Most card companies insist that you make the monthly minimum payment, which is usually 2%-2.5% of the outstanding balance. If you can convince the card issuer that your financial situation is desperate, the issuer may cut your payments in half. In some cases, the issuer may waive payments altogether for a few months. This courtesy is usually extended only to people who have never been late with payments.
Bear in mind that paying nothing or very little on your credit card should be a temporary solution only. The longer you pay only a small amount, the quicker your balance will increase due to interest charges.
