Credit card bills

If people are not able to pay their credit card bill, they can make arrangements to reduce their interest rate, defer payments or consolidate their debt.

For example, Citigroup offers debt consolidation, forbearance, interest rate reductions and settlements, based on the customer's financial situation and ability and willingness to pay, vice president of public affairs Sam Wang said.

Bank of America offers programs and services based on a person's situation and cash flow, including options to waive fees and reduce interest rates, spokeswoman Betty Riess said.

In both cases, people needs to call the company's customer service number, which is located on the back of the card or on the monthly statement, when they realize they won't be able to make their monthly payments, Riess and Wang said.

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