Freedom Debt Relief- What is a Credit Hardship Program


What is a Credit Card Hardship Program? 

If you suddenly find yourself with far more credit card debt than you can feasibly handle, you should not feel alone. It happens to many people, and it is precisely why credit hardship programs have been created. You might be wondering what is a credit card hardship program and can it help you get credit debt relief?  

If you would like to get your debt paid down in a reasonable amount of time, such a program might be exactly what the credit doctor ordered. Before you rush out and sign up, you will want to know credit card hardship programs and what your obligations will be before entering into one.  

What Does a Credit Hardship Program Entail? 

This is a program that allows participants to negotiate how and when a certain amount of credit card debt is paid back to a particular credit company. Essentially, it results in a new payment plan that is put together for the benefit of the borrower in order to provide a certain level of credit debt relief. 

It is important to understand that banks do not have to agree to such a plan. However, many will do so because they see it as a way of getting back some of the money they have lent out, whereas they may get nothing in return if they fail to offer a new payment plan. Some banks may agree to waive late fees, while others will often lower interest rates for a certain period of time while the money is being paid back. 

Who Offers Credit Hardship Programs? 

While there are no guarantees, just about every major credit card issuer in the United States will offer some type of credit hardship program. The key is to qualify for one. You can also contact professionals such as the ones you’ll find at for assistance. Some of the major banks that routinely confirm that they are willing to work with borrowers who need credit debt relief include: 

  • American Express 
  • Capital One 
  • Bank of America 
  • Chase 
  • Wells Fargo 

These programs are not often published, nor will find specific information online about them. Instead, they are offered individually when requested. Each borrower is treated differently and the terms of the program, if offered, will differ from one person to the next. The first place to start is to call the bank and inquire about the existence of a credit hardship program and then go from there. 

How Do You Get Into a Credit Hardship Program? 

Many people wonder what it takes to qualify for credit debt relief. There is a certain process that you will need to go through before a bank will admit you into such a program. Generally speaking, you should do the following things in order: 

  • Develop a new and realistic budget – You will want to have a plan of your own in mind before you contact the bank. This gives you a much better idea of where you stand and what type of payments you can begin making. 
  • Call the credit card issuer – When you have all of the information that you need, call the issuer of your credit card to begin a conversation with them. Do this sooner rather than later. 
  • Only agree to terms that you can easily afford – Be careful of the terms that you agree to in your payment plan. Make sure that you can afford them before you give your permission to proceed. 

While following these steps will not guarantee that you will be offered entry into a credit hardship program, it will certainly increase your chances. The key is to demonstrate your willingness to pay back your debt but to do so on a payment schedule that is more in line with your current finances. 

You are not alone in asking the question what is a credit hardship program? Now that you know, it is time to consider how you can put such a plan to work for you. This will be better for you in the end than simply ignoring your debt. This is a type of credit debt relief that can benefit you in the long run. 

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