You are an employee and you are working for a company. You are unable to pay your credit card amount. So you have an option. What is Deferment?  It is a temporary suspension of the repayment of a debt. Most creditors will not offer a deferment unless a debtor’s circumstances prevent him from making payments for a temporary period of time. A debtor, therefore, may need to provide documentation of his circumstances or may need to attest to the truthfulness of the request. Credit Cards Credit card companies do not normally provide a deferment as an option. Instead, a debtor who is experiencing a financial hardship, such as unemployment or a decrease in income, may ask the creditor to agree to reduce payment amount. Many credit card companies offer hardship programs that result in a reduced interest rate and a reduced payment. This may be a short-term plan for one year or less or a long-term arrangement that results in the payoff of the debt within a specific number of years.