We're not paid to publish content. We receive commissions from all companies on this page. Reviews & rankings constitute advertising.

Find Real Answers to Your Money Problems

Money questions don’t always have simple answers, especially when you’re dealing with a missed payment, growing debt, an unexpected bill, or a major financial decision. Understanding what could happen next, what choices you have, and the potential consequences of each can make it easier to decide what to do.

Slide 1 of 3: Managing Debt, Collections & Hardship

Managing Debt, Collections, and Financial Hardship

Managing Debt, Collections & Hardship

What happens when you can't pay, and the options you still have.

Read more: Managing Debt, Collections & Hardship

All Categories

Managing Debt, Collections & HardshipBudgeting Tips & AppsCredit Card Rewards & FeaturesCredit Monitoring & Identity Theft ProtectionCredit Scores & Credit BasicsEstate Planning & Tax TipsHow to Choose a Credit CardIs It Legit? Company & App ReviewsSaving Money TipsStudent Loans & Student Loan Refinancing

Editorial Team

The Authors

  • Deane Biermeier

    Certified Financial Educator

    Deane Biermeier is a seasoned financial writer, editor, and researcher with a reputation for delivering clear, trustworthy, and actionable financial advice. With a professional background that includes home improvement, real estate, and finance, Deane now focuses exclusively on personal finance content at TrustedCompanyReviews.com, where he serves as a key contributor and Senior Editor. He holds a Financial Education Certificate from the University of Minnesota.

    Learn more about Deane Biermeier

  • Brett Holzhauer

    Personal Finance Reporter

    Brett Holzhauer is a senior financial writer and editor with more than a decade of experience covering personal finance, consumer debt, investing, and the U.S. economy. He has written for major national outlets, including <a href="https://www.forbes.com/sites/brettholzhauer/">Forbes</a> and <a href="https://www.cnbc.com/brett-holzhauer/">CNBC</a>, where his reporting has helped readers navigate everything from market volatility and retirement planning to credit, debt, and consumer behavior.

    Learn more about Brett Holzhauer

  • Tammy McKinney

    Seniors Finance Expert

    Tammy McKinney, RN, is a registered nurse and experienced writer specializing in healthcare and personal finance topics. With a strong clinical background spanning acute care, long-term care, and hospice and palliative services, she brings real-world insight to complex health and money decisions. Tammy is known for translating medical and financial concepts into clear, compassionate guidance, helping readers make informed choices about senior health, wellness, and financial well-being.

    Learn more about Tammy McKinney

  • Chris Teague

    Financial Reporter

    Chris Teague is an experienced product reviewer, journalist, and host with a professional background in banking, technology, and automotive media. After earning his MBA, Chris began his career as a bank analyst and consultant, contributing to tech and finance publications. But his long-standing passion for cars pulled him in a different direction, that eventually led him to also become a respected voice in the automotive world.

    Learn more about Chris Teague

  • Nick Gerhardt

    Home Improvement Expert

    Nick Gerhardt is a seasoned writer with more than seven years of experience covering personal finance, home improvement, and consumer products. At TrustedCompanyReviews.com, Nick specializes in reviewing financial services and home-related products with a focus on clarity, accuracy, and real-world value. His work helps readers understand how everyday decisions, like choosing a lender or a security system, can impact their budget, their home, and their peace of mind.

    Learn more about Nick Gerhardt
Meet the Team

Popular Now

Slide 1 of 3: Credit Scores & Credit Basics

Can Taking Out a Personal Loan Improve My Credit Score? — featured image

Credit Scores & Credit Basics

How credit scores work and how to improve yours.

Read more: Credit Scores & Credit Basics

Frequently Asked Questions

What happens if I can't pay my credit card bill?

Missing a credit card payment can trigger late fees, additional interest, and eventually credit score damage. Contact your card issuer early to discuss hardship programs or payment arrangements. Learn more about the consequences and your options in our guide to what happens when you can't pay your credit card.

Will a collection account hurt my credit score?

Yes. Collection accounts can significantly lower your credit score and generally remain on your credit report for up to seven years. Paying a collection account doesn't necessarily remove the damage immediately. Learn more in our guide to dealing with collection agencies.

How do I start a budget that actually sticks?

Start by reviewing your actual spending, setting realistic limits, and allowing room for unexpected expenses. Review your budget monthly and adjust as needed. For more practical advice, read our article on common budgeting mistakes by Deane Biermeier, a certified financial educator.

Will debt consolidation ruin my credit?

No, debt consolidation doesn't automatically ruin your credit. Opening a new loan may temporarily lower your score, but reducing credit card balances and making on-time payments can improve it over time. Explore common misconceptions in our article about debt consolidation and credit.

Can I lower the interest rate on my credit cards?

Yes. You can ask your card issuer for a lower rate, improve your credit score, or consider a balance transfer or personal loan. Approval and savings aren't guaranteed. Explore your options in our article on lowering credit card interest rates by financial journalist and former bank analyst Chris Teague.

Browse More Guides