Before jumping into the possibility of delaying credit card payments, it is crucial to understand the importance of paying credit card bills on time. Timely payments not only maintain a good credit score but also help avoid late fees, penalties, and increased interest rates.

 

 

Credit card relief options are programs and strategies offered by some credit card companies to assist their cardholders who are having financial difficulties. The goal is to provide temporary relief and help people manage their credit card debt during challenging times.

 

Some common credit card relief options include:

 

Payment Deferral: Find out if you have the option to defer payments temporarily. This means you can skip one or more monthly payments without incurring late fees or penalties. However, interest will usually continue to accrue on the outstanding balance.

 

Financial Hardship Programs: These programs may offer lower interest rates, reduced minimum payments, or suspending payments for a defined period. Explain the significant challenges you’ve had, i.e. unemployment, medical emergencies, etc.

 

Temporary APR Reduction: See if you can lower your interest rate, making it easier to manage monthly payments.

 

Waived Fees: If you have late fees, over-limit fees, or other charges request that they waive them to alleviate your financial stress.

 

Establish a Payment Plan: Try and secure a better repayment plan that works for your current financial situation.

 

It’s important to note that the availability and terms of these relief options can vary depending on the credit card company’s policies and your circumstances. Contact your credit card issuer directly, explain your current financial situation, and ask what assistance is available.

 

If you have been late on credit card payments and need help removing negative marks from your credit reports, THD Credit can help.  Call 1-800-822-7120 or Schedule a Free Consultation and let’s discuss if this is the right option for you.