The biggest credit-card companies, including Visa, Mastercard, Bank of America, Citigroup, and others have created a tool for consumers to use in order to get help with paying and getting control of their debt. The "Help With My Credit" campaign assists consumers with reducing their monthly bills. Not only that, it will also help them slowly but steadily eliminate the amount of debt they have to their name. It will also help the credit card companies deal with the rising number of credit card defaults.
While each consumer is different, depending on the borrower’s personal and financial situation, the intent of this service is to be very flexible to account for that fact. In an effort to assist the customer, the credit card company might offer lower fees, they may be able to extend payment plans or terms, and they may come up with other agreements to help with reducing or eliminating the borrowers outstanding debt. Other programs will also be explored if the situation calls for it.
While many of the options being offered by the card issuers already exist, the Help With My Credit campaign is intended make more consumers aware of these programs and to, importantly, ensure they take sign up for and take advantage of them. It is available nationally and being more heavily marketed.
In addition, the credit card companies are providing information about how to manage the use of their cards wisely. One solution that is always pushed by the campaign is the use of a counselor. Using this approach, borrowers can receive tips and advice for how to communicate clearly with credit card issuers and banks. For next steps, the service will help them determine the best ways to select and deal with a credit-counseling agency or credit card counselor. Read more on how counseling may be able to help you.
The bottom line is that working out payment plans between the customer and the bank might be increasingly attractive to both card holders and issuers as the economy continues to stay weak. Statistics from the "Help With My Credit" campaign show that negotiation benefits both parties and is very useful as many Americans struggle to get by. In many cases your lender wants to work with you in order to find a solution that benefits both you and them. It doesn’t do either party any good if the borrower defaults. The "Help With My Credit" campaign is one of the programs that is being implemented in order to help facilitate this process.
Many banks now also offer credit card hardship programs. The goal of the Help With My Credit program is to make it easier for consumers with large debt or financial problems to have access to tools and information that can help them get back on track with paying their bills.
This service will provide free information to consumers. Dial 1-866-941-1030 for information on the programs. When you dial that number you will be able to speak to a customer service representative who will provide you with details and contact information on accredited non-profit credit counseling agencies. They will do their best to locate a provider that is in your town or county.
They may also have specific details on the various credit card assistance programs offered by lenders such as Bank of America and Citi. As noted, the use of a counselor is also stressed. There are three national non-profit credit counseling agencies, including Money Management International, Novadebt, Take Charge America have agreed to participate and provide their services as part of the Help With My Credit campaign, and they are supporting consumers in all 50 states. Click here for more locations of accredited credit counseling agencies.
All information is confidential. The operators at the "Help With My Credit" toll-free number will not collect any personally identifiable financial information from you. They will just redirect the caller to who can best help them deal with their unpaid debts. They will provide you with information about banks and credit counseling programs that may be a good fit for the particular situation. Even if you have multiple credit cards, this service can still help you.
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