Friday, July 13, 2018

Credit Card Hardship Programs 101

MoneyTips

You are at your wit's end. You were already in debt and struggling to make ends meet. Bills were piling up. Now you have suffered a large financial setback that threatens to push you over the edge. How can you possibly pay your credit card bills?

Before considering drastic moves like allowing accounts to go delinquent or declaring bankruptcy, check with your credit card issuer to see if they offer a hardship program. Credit card companies would prefer that you avoid delinquency and may be willing to give up something in the process.

Of course, to qualify for a credit card hardship program, you must have an actual hardship. "I spent way more than I should have" is not a hardship – that's just bad judgment. A hardship refers to a significant, unexpected, and generally short-term situation that makes it nearly impossible for you to meet your financial obligations. Suitable examples include a sudden job loss or an unplanned medical situation.

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from MoneyTips https://www.moneytips.com/credit-card-hardship-programs-101

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