Get assistance from Discover Card hardship program.

Discover Card has a variety of credit card hardship programs that can assist struggling customers with getting out of debt or staying as current as possible on their bills. The lender has payment deferrals, forbearance, payment plans and other resources as part of an emergency hardship program. There are also longer term solutions that may be offered. 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 Discover Credit Card has helped people across the country as well as phone numbers to call. Each request for a hardship program is assessed on a case by case basis. The assistance offered will generally vary based on many factors. Below are just a few examples of how they assist.

There are hundreds of thousands of Discover Card customers across the country who have received assistance over the years from these hardship programs. The bank is offering hardship programs that will, among other things, help consumers consolidate debt into low interest loans. Or the lender will defer or postpone payments into future months. Or they may also lower the interest rate on your card or offer forbearance.

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 hardship 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. customers that have had a short term reduction in income or that are furloughed may be offered deferred payments. 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%. They also allowed the customer to skip an upcoming payment.
     
  • 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. It is offered in partnership with non-profit credit counseling agencies or other banks. 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%. This was given to the customer who had a temporary lay off from their employer.
     
  • 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 is similar to a credit card deferral payment plan from Discover Card. 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 as a form of forbearance.

 

 

 

 

Apply for hardship programs on your Discover Credit Card

As noted, each assistance program and solution may vary. You can contact Discover Card at  (866) 567-1660 for more information on their credit card hardship programs, deferrals as well as other options they may have.

 

By Jon McNamara

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