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Help with credit card debt.

Find how to get help with credit card debt from banks, lenders, non-profits, or credit card companies. Low-income families and struggling people have a number of assistance programs available. Get help with paying the minimum payments, reducing interest rates, and other solutions. Learn more on credit card debt help below.

Banks, retail stores and other credit card issuers are more willing than ever to provide help with paying down the balance on a credit card. There are also various free counseling programs available to people with no money or bad credit. There may also be modifications put into place, hardship plans, payment extensions, interest rate reductions and much more.

Programs that help pay credit card debts

The exact type of credit card help provided to each borrower will vary based on their needs and financial circumstances. The goal is to find a solution for the customer and the lender as credit card companies would rather get some money from the customer than see the individual file for bankruptcy, in which that case the debt would not be repaid.  Some of the programs offered include the following.

  • Debt management plans involve working with a credit counseling agency that is selected by your bank.
  • Credit Card hardship programs is a term used to describe a number of approaches. It can include interest rate reductions, settlement, payment plans, and other tactics.
  • Debt settlement will help by eliminating a portion of your total outstanding balance on the credit card.
  • Forbearance includes a temporary suspension of your monthly payments.
  • Do It Yourself (DIY) is a concept that includes many approaches, and each can offer credit card debt help to the family.

As noted, many people do receive credit card help every single year. Read real life examples of credit card help on how banks and lenders are providing assistance to customers.




Credit card hardship programs

The primary goal of a credit card hardship program is to help borrowers restructure their debt and avoid a default or bankruptcy filing. As part of this approach, an agreement is made between the consumer and the credit card company. This will result in a regularly scheduled payment plan or maybe a credit card deferment. In addition the creditor will often times reduce the interest rate, adjust the minimum payments, waive fees or charges, or provide other types of credit card assistance to the customer.

While every bank and lender has its own criteria for entering into a credit card hardship program, there are some tips as well as steps to follow that can help. Find how to enter into a credit card hardship program, and read more on the steps to follow.





Debt management plans (DMP) help with credit cards

These plans are offered by banks, lenders and credit card companies to low-income families. They will have the customer work with dedicated credit counseling agencies to improve their overall financial condition. The program can also help the borrower improve their credit scores if it is currently poor. In return the individual will receive a lower interest rate. Some lenders may also offer additional types of credit card help as part of the DMP. Get more details on debt management plans.

Help with credit card from debt settlement

This is when a credit card company will agree to reduce or eliminate a portion of the outstanding debt that the customer will currently owe them. It is a reduction in the principal balance due on the account, and this may be one of the most effective forms of credit card help. The corporation will negotiate a settlement with the applicant.

There are multiple approaches to take in order to get credit card help as part of a settlement. Some people decide to try to settle on their own and others will decide to use a company that specializes in offering this service. Find other ways how debt settlement programs can help. Or for more information on the pros and cons of this approach, compare debt settlement vs. consolidation.

Credit card forbearance programs

This is a solution in which a credit card company will allow their customer to stop paying their monthly credit card bills for a short, defined period of time. When this occurs, this is known as forbearance. The length of time can be from anywhere from a few months up to a year. The forbearance can be provided due to a job loss, medical emergency, or maybe the death or divorce of a primary wage earner in the home.







Once the approach has been agreed to, the bank may adjust the interest rate during this timeframe as well, and possibly even stop accruing the interest expense on the household’s account. There is nothing like a break in the monthly payments from a forbearance program as a way to get credit card help. Find more information on credit card forbearance programs.

Help from debt consolidation

This a lower-interest rate loan product that is offered by many types of lenders, including banks, private companies and even directly by credit card companies. It even assists families with poor credit scores. While this may not always be the best approach to take as the customer will still owe the entire principal balance on their account, it can work in certain cases as a form of credit card debt help. Note that if the rate on the new loan is not lower, then the person should not explore this option. Learn more on debt consolidation loans.

Other important steps to take for credit card help

The information above will direct people to more details on ways to get credit card help from various banks and other issuers. However, there are several other steps borrower can take to get assistance. Some are DIY type approaches, but there are also other resources to use. Some of the key highlights as well as assistance programs to explore are below.Credit card debt help

Credit counseling agencies - They will provide consumers with financial counseling, negotiate with your creditors, etc. Many of the companies are non-profits so the fees they charge may be reduced. Some low income individuals may even receive free counseling to help them with their credit card debt . Read more on free credit counseling from non-profits.

Negotiate your bills and credit card debts - Anytime that a person is dealing with a credit card company or bank, they will need to negotiate. This is a fact of life. Learn negotiating tips that can help you get out of debt, or find help negotiating credit card debts.

Write a credit card hardship letter - If someone were to send their bank or credit card issuer a hardship letter, this will begin the settlement process. It it can lead to other solutions or credit card help type programs. In rare cases the lender may even settle just on the basis of the offer itself. Find examples of credit card hardship letters.

Another up and coming solution to credit card problems is using the service of an attorney. Many consumers prefer this option over using a debt settlement firm as the service provided is often higher quality. An attorney may be able to negotiate  your credit card bills, mediate a solution, or enter in an arbitration plan. Paralegals may also provide this service as well. Read more on attorneys that settle debts.




Auto loan refinancing can help. While unfortunately it is not as well known, or taken advantage of by consumers, people can refinance their car loans. Any savings on this can be used to help pay their credit card bills. It is easy to do and can lead to a quick return on their investment. It could in effect potentially save the  Read more on car loan refinancing.

While the programs referenced above may provide consumers with help on their credit cards, the most important thing to do is to keep trying. Use multiple approaches. Contact creditors, counselors, banks, and other companies to see what services they can offer that can help. Inquire with their customer support teams to learn how they can assist. Be aggressive in reaching for the final goal of getting out of credit card debt.

Additional programs to help pay credit card debt

Other national, regional, and online resources are available to help people pay off credit card debt. Many of the assistance programs are free and run by non-profits. There are NFCC debt solutions, free phone consultation and more.


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By Jon McNamara











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