Discover Card has joined with 10 other major credit card issuers to provide both a more affordable Standard Debt Management Plan and a Hardship DMP to struggling consumers. The 10 banks that have joined together to offer this program to their customers are calling it the Call to Action debt assistance program.
This particular program is targeted at consumers who need assistance with paying their bills due to a financial emergency and, in particular, to help people avoid bankruptcy. The beneficiaries of the Discover Card debt Management Plan will be those customers who do not have sufficient household income to qualify for a traditional plan. The two key elements of the new DMPs will help consumers with maintaining a reasonable monthly budget, make fixed monthly payments on their credit card bills more affordable, provide assistance with creating a savings account for economic emergencies, and try to get them to be out of debt within 60 months.
Discover Card works with various Consumer Credit Counseling Agencies (CCCAs) across the nation to assist customers who need help with their credit card bills, and who want to repay their debt obligations but are experiencing a temporary financial difficulty or maybe have a recent emergency that has set them back. While unfortunately not every customer will be able to be assisted, as maybe they are just too far behind, the fact is that Discover and the counseling agencies will do their best to find some type of solution. Discover also offers a credit card hardship program to certain customers. Learn more on the Discover Card hardship program.
They work with the agencies to provide credit counseling, budgeting, and money management education to the customer. After this thorough evaluation, Discover will partner with the credit counseling agency to create a debt management plan (DMP) that is tailored to the individuals unique financial situation. They will also provide debt reduction services and guidance to the individual in an effort to get them back on the right track. Read more on credit counseling agencies.
While Discover Card reframes from endorsing any specific CCCA, you can review those that you think are best and enter into a program with them. Offices are located in all states and tens of thousands of people use their services every year. Some of the agencies may even provide free advice to income qualified families.
Customers who are interested in learning more, or signing up for a DMP, please call a Discover Card credit assistance representative at 1-800-767-1146 to learn more.
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