How to Get Hardship Relief From Credit Card Companies

If you're dealing with financial strain due to job loss, illness, or other unexpected circumstances, you may be worried about how you will pay your bills. If you have credit card debt and are struggling to make your monthly payments, you may be able to seek hardship relief until your financial situation improves.

Instructions

1

Outline your financial situation. Make a detailed list of all your monthly expenses versus your monthly income. Detail any assets you may have and the specific reasons why you are requesting hardship relief.

2

Make a list of all your creditors, including the total balance owed, the interest rate, and the monthly minimum payment. Also, make note of any accounts that are past due, as creditors will generally not extend hardship relief if your account is already delinquent.

3

Contact your creditors to ask if they have a hardship plan and what the conditions for qualifying are. Before opting for a hardship plan, you should also ask the creditor if there are any drawbacks, such as a lowering of your credit limit or closing of the account altogether. Also, you may want to ask how the account will be reported on your credit history, as this could impact your credit score.

4

Explain the details of your financial situation to your creditors. Provide specific information relating to the circumstances of your recent financial hardship as well what terms of repayment you would be able to meet. Have your list of expenses and income statements handy as your creditor will ask for this information to determine if you qualify for a hardship program.

5

If your creditor offers you hardship relief, get the terms of the agreement in writing, including the monthly payment, the interest rate, and the length of the relief period. Also, be aware of the consequences of defaulting on any hardship agreement.