Wells Fargo, which recently acquired Wachovia Bank, offers its credit card holders help with paying off or reducing their debts. Provided the customer is found to be qualified, they may be able to use a debt management plan. In part Wells Fargo is offering this program as a result of a nationwide effort by major credit card companies that goes by the name of Call to Action. The Call to Action program is a partnership between the National Foundation for Credit Counseling and 10 major banks that have agreed to offer hard hit consumers credit card debt relief if they meet certain conditions and also sign up for a debt management plans (DMP).
While there are no guarantees, the Wells Fargo debt management plans are an effective way to reduce your debt and get back on your feet. Some details of the program include :
In addition to the lower monthly payments, Wells Fargo and other creditors who are participating in this new Call to Action DMP will waive both late and over the limit fees. They will also proactively adjust the APR so that the debt management plan will allow you to get out of debt within 60 months. If you think you need help from an independent credit counselor in addition to this DMP, find how counselors can help. More.
The goal of the Wells Fargo Call to Action DMPs is to help consumers keep a reasonable monthly budget so they can pay both their everyday bills, such as utilities and groceries, and also ensure that they do pay off their credit card debts. So it is a so called holistic way to address an individuals overall financial situation. The programs want to ensure consumers get out of debt within 60 months at the latest.
Call to Action Standard Monthly Payment Percentage of Balance: 2%
Call to Action Standard Interest Rate: 7.3%
Call to Action Hardship Monthly Payment Percentage of Balance: 1.75%
Call to Action Hardship Interest Rate: 0%
If you qualify for the Wells Fargo hardship program, your interest rate can be zero %. This is only offered to some select customers though. If you need assistance negotiating the terms of your agreement with Wells Fargo to get the best program possible, find how to negotiate credit card debts.
The Wells Fargo DMP can go a long way towards helping people eliminate debt. Be sure to take advantage of this program while you still can. Dial 1-800-869-3557 to speak to a Wells Fargo representative.
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