Millions of families are struggling in today's economy. High unemployment and rising interest rates on credit cards and home loans are causing unexpected financial hardship for millions. Fifth Third Bank is committed to helping as many people as possible by offering a variety of hardship programs.
Many are finding it difficult to keep up with their everyday bills, to pay their credit card, mortgage, or other loan payments, and they are falling behind on their obligations. Remember that you have options, and ways to get help. Fifth Third Bank in committed to helping you by offering credit card hardship programs as well as other plans.
Permanent Plan - The interest rate on your credit card will be reduced to a fixed percentage rate of a low 8% for a total of 60 months. In addition, over limit and late fees will be waived upon receipt of the first payment when you are on this plan. There is some flexibility with the minimum payment as well, as the minimum payment will be calculated based upon approximately 1/60th of the current unpaid balance on the account at the time the customer enters this hardship program.
Temporary Plan - This will also reduce your interest rate. The interest rate on the credit card will be lowered to a variable interest rate of Prime +2% for a total of a twelve (12) month period. This plan will also suspend both any over limit and late fees upon receipt of the first payment after the customer enters the plan. The minimum monthly payments will be set up to be equivalent to a fixed amount of 2% of the outstanding balance for a period of time of up to twelve (12) months.
Automobile, RV, and Boat Loans - Car loans, Boat loans, and RV are also eligible for a similar type of loan modifications and repayment plans as described above for your credit cards. In addition, other options and hardship programs may be available as well for customers with these types of loans. Contact Fifth Third Bank for more details on assistance plans if you are having difficulty with your payments for these loans.
Mortgage modifications - Last, but not least, they may be able to modify the terms of your original home loan to make your monthly mortgage payments more affordable over the long term. They can adjust the payment, extend the term of your loan, lower your interest rate, or possibly even add the delinquent, unpaid interest amount to the unpaid principal balance or possibly even waive or defer past due interest, all in an effort to help you stay in your home.
Contact Fifth Third at 1-866-601-6391 for further information or to apply to these hardship programs.
Like this site?