Some companies, such as Capital One, have started credit card payment assistance programs to help consumers reduce and eliminate outstanding credit card debt and bills. Also, the number of companies offering these plans is increasing. The assistance programs go by various names, such as a hardship program, debt management plans, and others. While each issuer will offer their own programs and they will come with different terms, here are a few of the credit card debt assistance programs now being offered to card holders and those struggling with paying their bills.
Plans That Suspend Fees - Some credit card companies are mailing consumers a letter notifying them that the past due fees and other charges that may be due for the current month will be suspended if they are currently three payments behind. They waive these fees only if the customer makes at least one payment on their account. After receiving this notice, if you then contact the credit card company requesting additional assistance with paying your bill then you may qualify for any hardship programs or further credit card debt assistance programs they offer.
They are creative in what they may offer the customer. For many companies, they will offer at least two additional months of past due fees being suspended if you can make three additional monthly credit card bill payments. In addition to this, successful participation in the assistance programs will result in your accounts being reinstated as current and possibly even improve your credit scores. Find other ways to improve credit scores. More.
Credit Card Assistance Programs That Help Bring Your Credit Card Account To Current Status - If you are one of the many who have fallen behind on making your credit card payments on time then you will know how difficult it can be to catch up on your bills. Even if you have missed just one or two payments, your outstanding balance will grow quickly as numerous fees, penalties and interest costs are applied. Now some companies are providing assistance to consumers that will allow them to qualify for aid if they make one minimum payment. The credit card issuer will then bring your credit card account to current status. This assistance can help someone keep their account in good standing, and help reduce fees and other costs. These solutions go by many names, including hardship programs or debt management. Read more credit card hardship.
These solutions go by many names, including hardship programs or debt management. More and more credit card companies are proactively settling credit card debts, which will bring your account current. Also, many speculate that the government is putting pressure on banks to offer consumers assistance. More on government help with debt.
Lower Your Monthly Payment By Negotiation - There are countless consumers who would love to, and try their hardest, to make the minimum payment on their monthly credit card bills yet they unfortunately find that they are unable to afford that minimum monthly payment in the current economic climate or with their personal financial situation. To help with this issue, some creditors are now willing to negotiate a smaller minimum monthly payment that these consumers can afford to pay on a monthly basis. You need to call your creditor and ask if your minimum payment can be lowered to help keep up your end of the financial obligation and also provide the credit card issuer some cash. Find additional ways to negotiate debt.
These credit card debt assistance and financial hardship programs are designed with consumers who are experiencing a true financial hardship or emergency. Every single bank and issuer will have some type of plan to offer its customers. Discover Card also several programs that are well regarded.
In other words, if you are able to pay your credit card bills and are only looking for a quick and easy way to lower your credit card payments, then these assistance programs are not for you. Try talking to a counselor in this case. Truth be told, if you have the income, assets or resources to pay your credit card payments in a timely manner these programs are not for you as they may result in negative credit scores on your account.
If the credit card company hasn’t contacted you directly about any aid, what you should do is contact your creditor(s) to let them know you are having difficulty paying the account. Be Pro-active as communication is key to reducing your debt and staying on track. Different credit card companies and other creditors may offer different types and variations of credit card assistance programs so you need to be sure to contact all of your creditors to see what is available. Also, find about about additional ways to get help. More.
The bottom line is that if you need assistance paying your credit card debts and bills, there are numerous places to turn to for aid.
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