Get assistance from Discover Card hardship program.
If you are one of the millions of Americans who needs help with their credit card debt, Discover Card has a variety of credit card hardship programs that can assist you with getting out of debt. Most Americans have never heard of these hardship programs, but they do work for customers who qualify and ask for them.
Below you will find some real examples of how they have helped people across the country. They are not only available for households with a Discover credit card, but other banks also provide them to their customers. Below are just a few examples of how they assist. There are tens of thousands of other people across the country who have received assistance from these hardship programs. Discover is offering hardship programs that will, among other things, help consumers consolidate debt into low interest loans and they may also lower the interest rate on your card.
Note, Discover Card has a reputation of being one of the credit card issuers that is not as forthcoming with offering assistance. So if you get any cooperation or offers from them, it is recommended to take it!
Details of assistance from Discover Card
They have offered programs to some struggling cardmembers that allows them to consolidate their debt into a fixed-rate installment loan through Discover Bank, usually at a lower interest rate. In addition, they have a range of single-digit APRs that they are now offering to cardmembers demonstrating severe hardship. Other resources may also be provided.
Examples of Discover Card assistance programs
- They reduced one customers payments by about 50% per month and they also agreed to reduce their interest rate to about 12%.
- Another customer who needed help was offered a 9% interest rate from Discover on a credit card hardship program. This saved them about $1000 per year on their balance.
- Sometimes you really need to stress your financial difficulty. An example is of a customer mentioning lost overtime at work and then they were approved for a hardship program with Discover Card. The program lowered their monthly payment from $127 to $64 dollars per month, but they did have to sign up for auto withdrawal from their checking account. That is not a bad thing. The company also said they may offer even better terms if that program did not help.
- Discover card also offers card members a debt management plan. This was an alternative option given to a borrower. Find out more on the Discover Card debt management plan.
- Discover reduced both the amount a customer owes as a minimum on their monthly credit card bills, and also lowered their rate to 4%.
- An example of a customer who had their interest rate lowered by Discover Card to a low 9% for 6 months. The rate will even stay that low after the debt is repaid. If the customer needed additional help, Discover card said they may be able to get it lowered to 3%.
- Some people just settled with Discover for 30% of their balance. They were only 30 days past due. Discover was not easy to work with. After the customer was only 30 days past due they sent their account to a collection agency called Capital Management Services. Once it got to the point of being 90 days past due they spoke to and negotiated with Capital Management and ended up settling for 30% of the $13,750 balance due.
- Discover Card lowered the interest rate of one account from 29.99% to 3.99%. The customer was late in the past, and that is why their rate was so high. Now they are only paying $12 per month towards interest instead of about $60 per month, before the rate decrease.
- A household that had multiple credit cards and was a long term customer had about 25% of their balance “waived”. This was given to them when they had a short term reduction in their work hours.
- The hardship program from Discover Card was used to reduce an annual APR from about 15% to 10% for a family that was struggling financially with paying their bills. They did need to freeze their card, and agree to stop using it until the balance was paid off.
- A long term customer came down with cancer. While they were going through the recovery process, both their interest rate was reduced and they were also given additional days to make their next several payments.
You can contact Discover Card at (866) 567-1660 for more information on their credit card hardship programs and other options they may have.