If you are going through a temporary financial rough patch, say you’ve lost your job or had a serious accident, it can get difficult to meet your debt obligations.
In such a situation, it may be worthwhile for you to talk to your credit card issuer and find out whether they offer any hardship programs.
What is a credit card hardship program?
With a credit card hardship program, you interact with your credit card issuer and try to work out a unique payment plan to help you tide over the hard times.
Depending on the financial institution you are negotiating with, the type of hardship you are facing, and the deal offered by the issuer, you can usually expect a combination of the following benefits:
Some of the situations that may qualify for a hardship program include a pay cut, unemployment, a family emergency or divorce, a serious illness or accident, or a natural disaster.
What do you need to do to get into a hardship program?
Hardship programs are not offered by all issuers, neither are they advertised.
However, if you need help with debt due to certain circumstances, you can approach the institution to find out if they can offer any sort of assistance.
1. Work out a new budget
The first thing you must do before approaching the issuer is to work out a new budget that would help you cope with the setback.
Let’s say you’ve had to undergo a pay cut recently; in that case, in light of your new income, figure out how you are going to reduce your expenses to accommodate the situation.
The benefit of doing this is that it may help you negotiate a better deal with the issuer, and even if the company is unable to offer assistance, at least you would have taken a positive step towards handling your finances.
2. Contact your issuer
Call the number at the back of the card to speak to the representative and explain your situation and find out if they have a hardship program.
You may have to wait as your call is transferred to another department or representative, but remember to be patient and polite.
Once you’ve been connected with the right person, provide the details of your problem – if you’ve been in good standing with the issuer so far, and if they have a hardship program in place, they may be willing to help.
3. Review the terms carefully
You must carefully go over the terms and conditions that are being offered and accept them only if you can honor them.
For example, if the issuer is offering you a lowered minimum payment, then make sure the new amount is something you can afford to pay.
If you fail to make this payment, you may find that the entire deal has been canceled.
If the arrangement offered is not likely to work for you, consider continuing to negotiate.
Understand that you are in no way obligated to accept the hardship program offered by the issuer if the terms do not suit you.
Drawbacks of entering into a hardship program
A hardship program can make it easier for you to manage your debt; however, it does have certain downsides.
For starters, your creditors may place a note on your credit reports regarding the program, and this may make other lenders wary about extending credit to you.
Secondly, the issuer may lower your credit limit, or freeze or even close your account.
As the amount of credit available to you is reduced, your credit utilization ratio, and in turn your credit score, may deteriorate.
Moreover, the availability of the hardship program itself may be dependent on certain factors, like proving your hardship through documentation, meeting with a credit counselor, or sanctioning automatic withdrawals from your account.
It is only when you clear these requirements that you can expect to receive help through this program.
At times, it can be a difficult task to swallow your pride and request help in the form of hardship programs; however, given the circumstances that you may be facing, it is an option that should be taken into consideration.
$50,000 - $250,000 at 0% Interest:
At Fund&Grow, we help clients, with good credit, obtain as much as $250,000 of unsecured credit at 0% interest.
This amount is available for a period of 6, 12, or 18 months and can be used for anything from financing a small business to providing a down payment on a property.
We do charge a fee for our services, but in return, we guide you every step of the way. So, if you need such funds, call us, at (800) 996-0270, and we will help you out!
Popular Posts
Want Actionable Information, Tools and Resources To Quickly Acquire Business Capital, Credit and Funding?
I take tremendous pride in building positive and lasting relationships in my businesses and personal life. Every member of my team is committed to helping our clients get the maximum amount of funding possible and achieve their highest growth potential.
have a question?
Our business experts are available to answer questions Monday - Friday from 9:00 a.m. - 6:00 p.m. EST
Call Us:
(800) 996-0270
Email Us:
service@fundandgrow.com
Watch our business credit webinar:
Obtain $250,000 Business Credit
Let's Stay Connected on Social Media!
For over 15 years, Fund&Grow has helped 30,000+ business owners get access to over 1.6 Billion dollars of business funding. We're on a mission to empower the small business owner by helping them tap into the smartest form of funding: Unsecured Business Credit – so that they can achieve their goals and dreams.
"Fund&Grow was created to empower small business owners, but more importantly, to support entreprenuers in achieving their business and personal goals while they lead the way towards innovation." - Ari Page CEO of Fund&Grow
Ari Page and the Fund&Grow team help business owners obtain access to credit despite the ambiguous lending climate. Many people feel ripped off and scammed by the bank bailouts and wonder why they can't use the system to their advantage the way the big banks did. If you have good credit, the Fund&Grow program will get you the funds you need to grow your business.
Find 4,000+ 4.9-star average customer testimonials on the following platforms: SoTellUs, Trustpilot, Google, BBB, among others.
All credit is subject to lender approval based upon credit criteria. Up to $250,000 in business credit is for highly qualified clients over the term of the membership with multiple credit card batches and/or credit lines. Introductory rates of 0% apply to purchases and/or balance transfers after which it reverts to an interest rate, which varies by lender as disclosed in the lending agreement. Fund&Grow is not a lender.
© 2025 Fund&Grow. All Rights Reserved.