Most people look at credit card companies as all powerful companies that will do whatever they can to milk you of your last dollar and does not care about the consumer. As much as I would like to say that I agree with this statement, I can’t. Banks just like a small store down the street, rely souly on customers to survive. Without you and the millions of other consumers that use banking institutions they would be out of business.
Most banks have a financial hardship program that is designed specifically for those who are having a hard time paying off their credit cards. These programs will usually require the client to close the account but are well worth the sacrifice. If you are looking into an option like financial hardship programs, you are most likely having a very hard time keeping up with your credit card accounts. Closing your account in most cases will be the best thing for you to do to help you regain controll of the accounts. Also, in closing the accounts on a hardship plan, you are going to recieve a very low interest rate that in most cases will last for the duration of the debt. This will allow you to pay off the balances at a much more accelerated rate and start to regain your financial stability.
To find out if you will qualify for a financial hardship program from your lending institution, gather your bills and write down how much money you spend on rent/mortgage, credit cards, secured loans, insurance, food, utilities, phone, cable, internet, child care, medical expences….. You want to really know exactly how much money leaves your home for necesities on a monthly basis. Once you have this number figured out, you need to figure out how much money comes in your home as income on a monthly basis and write this number down. Now the most important part of preparing to see if you qualify for a financial hardship program; figure out your reason for the hardship. Have you experienced a reduction of hours at work? Has your spouse lost their job? Have your children moved in? Have you experienced increased medical expenses over the last few months? Anything that will increase expenses or decrease income on a monthly basis counts as a reason for financial hardship. Now all you need to do is go call the bank. Explain to the representative everything that is going on, they will then transfer you to a hardship specialist that will assist you. If they deem you in need of a hardship program, they will place you on one then and there that will take effect within the next couple of billing cycles. Also, just a quick note, Chase credit cards are the most cooperative when going through a hardship situation.
If you need help with this or would like to discuss any other financial subject, feel free to contact us:
By phone - (561) 355-0069
By email - Support@JemCreditCards.com
On the web - www.JemCreditCards.com
Copyright © 2008 Credit Cards: from Choosing Best Credit Card to Application
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