Can debt relief help if you're only behind by one or two payments?

MoneyWatch: Managing Your Money Can debt relief help if you're only behind by one or two payments? We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Angelica Leicht Angelica Leicht Senior Editor, Managing Your Money Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications. Read Full Bio Angelica Leicht May 19, 2026 / 1:08 PM EDT / CBS News Add CBS News on Google A few late payments may seem like a minor issue, but it can have a hefty impact on your financial health. WilshireImages/Getty Images Missing just one or two debt payments may not sound like a major problem, but the reality is that in this economic landscape, it's easy for even a short-term setback to put a lot of extra pressure on your budget. After all, not only are credit card rates averaging close to 22% currently, meaning that the interest charges on your revolving debt will add up quickly, but when you throw in the late fees, penalty APRs and collection activity that can come with it, the extra cost and stress can compound faster than you realize.Still, missing a few debt payments is a common issue for many borrowers right now. With inflation rising rapidly over the last few months, driving up the costs of everything from groceries and utilities to insurance and housing, more people are turning to their short-term borrowing options, like credit cards, to help cover their necessary expenses. And that growing financial pressure is starting to show up in payment patterns, with more borrowers falling behind on what's owed.In turn, some borrowers are turning to debt relief, and they're doing so earlier than t...