If you’re financially stressed, card issuers may be willing to cut you some slack by adjusting payments, fees or interest rates. But don’t wait too long to ask for help.
As more people lose their jobs or otherwise come under financial stress in this economic crisis, many credit card companies are granting one or more types of forbearance to hard-pressed cardholders.
What is forbearance? The most important thing to remember is that it’s not forgiveness; you still must repay your credit card debt. But forbearance programs can offer temporary reprieves from your obligations.
In some cases, you might be able to postpone payments for six months to a year or even longer. Your minimum monthly payment might be lowered. Your interest rate might be reduced. Or some fees might be eliminated.
It depends on your particular situation.
Credit counselors and card issuers say cardholders who lose their jobs, encounter medical emergencies or find themselves in other financial predicaments should contact their creditors before the situation becomes acute.
How to ask for forbearance
If you are in a financial jam and need a bit of relief from your credit card obligations:
- Stop using the card and adding to the balance due. You don’t want your card issuer to think you’re taking advantage of the situation.
- Call the customer-service number listed on the back of your card.
- Explain your situation calmly. If you’ve had a good payment record in the past, emphasize that to the customer-service agent. Ask to be considered for the company’s forbearance or relief programs. It’s really as simple as that. “If you think you’re going to have difficulty staying current with your payments, reach out to your card issuer,” said Bank of America’s Riess. “If customers believe they’re having problems, we want to try to help them.”
This article was reported and written by Martin Merzer for CreditCards.com.
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