Credit Card Hardship Assistance For Debt Relief Options–Are Forbearance And Payment Reductions Available?

Consumers who are still struggling under the weight of credit card debt may be in a position where if certain events have occurred outside of their control leading to their current financial predicament, hardship assistance to provide debt relief opportunities may be available for those who are facing what seems to be an insurmountable credit card debt situation at the present time. Obviously, some cardholders may be in a position where forbearance opportunities, payment reductions, or even interest rate reductions may be possible from their lender, but looking at what situations will be available to a particular consumer will likely lead to different options as each cardholder’s hardship and debt obligations will be different.

Yet, many financial advisers and even credit counselors will tell you that there are a hardship assistance plans that are usually available to cardholders who may have suddenly seen an impact in their financial life that has brought about negative results in their income, as factors like unemployment and long periods of layoffs may have set some consumers back in terms of their ability to afford what they owe.

However, not all cardholders are going to qualify for hardship assistance debt relief opportunities as some credit card lenders may not offer this particular type of assistance to a certain cardholder for one reason or another, particularly if a consumer has a history of not paying their debts, missing payments, or falling behind. If it is apparent through the review of a consumer’s credit history that they are simply spending beyond their means to repay, this will obviously work against anyone who is seeking hardship assistance, but in cases where consumers may have been able to easily meet their debts before a specific hardship arose, it could lead to a card lender being more willing to work with a consumer.

It is to be remembered though that hardship assistance options are not guaranteed and some consumers may have to explore other routes for their debt relief needs, but many credit counseling agents will prompt consumers to contact their credit card lender to see whether these options are available for their particular situation. This has allowed some men and women to avoid pursuing debt management plans or even debt settlement, but again if a consumer may have mishandled their credit card and personal finances, it could make this particular route unavailable and, as a result, credit counselors or debt settlement companies have had to be consulted by these cardholders to help them explore other avenues of debt relief.

If a consumer does find that their credit card company will offer them hardship assistance, this can be great news for those who are struggling to get back on their feet financially but if this type of debt relief is denied, consumers need to be very careful about the next step they take as speaking with a credit counselor can be helpful but not all credit counseling agencies will be reputable or in a position to work with a cardholder to address personal issues. These resources available outside of hardship assistance programs need to be accredited, offer one-on-one services, be upfront and transparent with their pricing structures, and in many cases a good credit counseling agency will offer multiple options as to how a consumer may be able to find debt relief from their credit card situation when financial hardships have arisen and debt assistance from their credit card lender is not given.