(NewsNation) — A credit card holder should always strive to make the minimum monthly payment, but tough economic times have made that hard for some consumers. If you can't pay your monthly bill, the Consumer Financial Protection Bureau suggests these five steps you can take to handle debt when your pockets are tight. Credit card debt relief can impact your taxes: Here's what to know Add up income and expenses Determine how much money you have after subtracting expenses from income. The higher your credit card balance, the higher the monthly payment. You may not have enough left over to make this monthly payment, but you should always pay something. Find ways to cut costs in other areas. Request a new payment amount Call your credit card company to explain your situation and inquire about setting a new lower payment amount. Offer information about why you can't pay the monthly payment, how much you can afford to pay and when you expect to be able to resume normal monthly payments. Stop using your card If your balance is too high to pay off, stop using the credit card for new purchases. Leave it at home and unlink it from your digital wallets. Federal Reserve cuts its key interest rate by a quarter-point Consider credit counseling Credit counseling organizations are nonprofits that can help direct you on managing money. They can help you with your budget and develop debt management plans, but first, ask how much they charge for the service. The U.S. Department of Justice has an approved list of credit counseling agencies. Avoid for-profit debt relief companies For-profit companies that promise debt relief advertise that they can make your debt go away with a fee. Although they may require an up-front fee, debt settlement companies are not allowed to collect fees before resolving your debt. Additionally, debt settlement can affect your credit score negatively. Exhaust all options before resorting to a debt relief company or bankruptcy.