Consolidating your debt good idea

The larger lenders have well established and effective strategies that are often fair and measured to your ability to pay. You will want to be aware of potential drawbacks before agreeing to the plan with your lender.

First I want to dig in to how and why banks offer to reduce your monthly payments, and that you do not have to wait for an offer to come to you, but can be more proactive in asking your credit card bank for help.

Interest rates may be as low as zero percent and typically will not exceed ten percent.

Longer term hardship repayment plans offered by credit card lenders did not become popularized until the economy started to take a dive several years ago.

The first step is to talk to your creditors about your situation.

You may have already tried talking to your credit card banks about lowering your payment in the past.

Bank-sponsored lower monthly hardship repayment plans are accomplished by reducing your credit card interest rates.

Some hardship payment options have a temporary timeline.

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Hardship repayment plans will be different from one bank to the next.

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