#credit card help
Get help with credit cards.
Find programs and contact information for various credit card issuers.
Millions of Americans need credit card help as a result of the weak economy. They are struggling each and every month with paying their debts (even the minimum payments) and keeping up with their bills. The good news is that banks and other credit card issuers are more willing than ever to provide help with paying your credit card balance. A Nielsen Report review confirms that around 3 million customers received some type of assistance or credit card modification last year, and the number is expected to increase this year.
The companies and banks are reducing customer s interest rates, waiving fees, lowering monthly payments, and helping in other ways. More programs are offered than ever before. These companies have decided that they would rather work with the customer as it is in their best interest to do so as well. They would rather get some payments from the customer than see the individual file for bankruptcy, in which case these banks and credit card companies would receive no financial return.
Below you will find resources, information, and services offered by various companies that can provide you with credit card help during these difficult times. Some of the programs offered include the following.
- Debt management plans involve working with a credit counseling agency that is selected by your bank. Hardship programs is a term used to describe a number of approaches. It can include interest rate reductions, settlement, payment plans, and other tactics. Debt settlement is eliminating a portion of your total outstanding balance. Forbearance includes a temporary suspension of your monthly payments.
Also, read real life examples on how banks and lenders are providing assistance to customers. Many people are receiving help from interest rate reductions on their credit cards, entering into settlements, and more.
Credit Card hardship programs
The primary goal of a credit card hardship program is to help borrowers restructure their debt and avoid a default or bankruptcy filing. An agreement is made between the consumer and the credit card company, and a regularly scheduled payment plan is established. In addition the creditor will often times reduce the interest rate, adjust the minimum payments, waive fees or charges, or provide other types of credit card assistance to the customer.
While every bank and lender has its own criteria for entering into a credit card hardship program, there are some tips and steps to follow that can help. Click here to read more on the steps to follow.
Debt management plans (DMP)
This is when a credit card company will agree to reduce or eliminate a portion of the outstanding debt that you currently owe them. They will negotiate a settlement with you so that they can get some money from you, rather than see you default or go bankrupt. Some people decide to try to settle on their own and others will decide to use a company that specializes in offering this service. Find other ways how debt settlement programs can help, and compare debt settlement vs. consolidation .