Using a Credit Card Hardship Program

People who are having a difficult time making their monthly credit card payments may benefit from a credit card hardship program – a program that is not widely known and rarely discussed.  People who need this hardship program have probably already looked for financial help and advice from family and online, however they may only need to look as far as their credit card company.

Most Credit Card Companies Have Some Sort of Hardship Program

Hardship programs are programs designed to help consumers with heavy loads of credit card debt keep their heads above water while they struggle with their monthly payments.  An example of this could be job loss, medical circumstances or other drastic and unforeseen financial circumstances.

The credit card company will usually provide a lower interest rate and possibly some other value during this time.  You can expect a hardship program to last somewhere between six months and a year.  However if you miss a payment you can expect your hardship program to be terminated.

A typical hardship program will set the consumer up with a pay schedule that should be manageable.  This helps the consumer and also helps the creditor get their money back.

Sounds Great, so how do I enroll in a hardship program?

Since hardship programs are typically NOT advertised, you will need to call your creditor directly and ask about the program – however it may not be that simple.

  • Specifically ask to speak to the hardship department – don’t waste your breath on the initial person who answers the phone.
  • Don’t say too much – let them ask the questions.
  • Don’t say too little – you need to get your point across
  • Ask how it will affect your credit report

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