Can you negotiate a lower minimum credit card payment?

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September 8, 2026 / 1:23 PM EDT / CBS News

Credit card debt is taking up a lot more room in borrowers' budgets right now, and it's having a big impact on their finances. Credit card balances climbed by $21 billion during the second quarter of 2026, reaching $1.26 trillion, and while balances are growing, carrying that debt remains expensive. After all, the average interest rate on credit card accounts assessed interest is currently 22.15%, meaning the compound interest can add up quickly — even on a moderate balance.

That combination of growing credit card debt and high interest rates can make even the minimum credit card payment difficult to fit into your monthly budget, especially when you factor in the other economic hurdles that are looming, like high inflation. After all, the more you owe — and the more interest that accrues — the more money you may have to devote to your credit card bills each month. And, if you're juggling balances on several cards, those required payments can add up quickly.

When that happens, it may seem…

Original source: https://www.cbsnews.com/moneywatch/