Banks Offering Hardship Debt Management Plans.

An interesting development in the world of consumer credit counseling programs has developed. Banks are now offering a new "Hardship Program", with lower minimum payments to anyone who can qualify as a legitimate hardship.

In other words,banks have come to realize that they have been driving away sincere individuals who had a desire to pay their debt but were unable to because when they went to a non-profit credit counseling company, their monthly payments went up, when they tried to enroll into a debt management program, and were turned away due to lack of affordability. Remember, the banks control the non profits.

So, is it that the banks are having a heart? Please, do not be naive. First of all, you really have to qualify for the program. Your hardship must be a hardship in the eyes of the bank, not your credit counselor. The hardship is determined by computer software, not a sob story.

Next, At the same time the banks are imposing stiff annual fees on all card holders. Fees are raging from 29.00 per year to 99.00 dollars per year, and oh yes, lets not forget what they did to your credit score recently, when they lowered the credit limits of their best cardholders to whatever the balance was at the time, thereby severely impacting their credit score, and causing them to borrow money at a much higher interest rate then they otherwise would have had to. I have verified this with a number of finance managers, at lending institutions.

So, if you are still employed and are interested in a Debt Management Program now may be a good time to explore one bu calling us at 877-766-2465.

If a debt management program is not viable for you, even wit a hardship, we have two other debt relief programs available, which can definitely be of help, and none of them includes bankruptcy, which you need to avoid if possible.

If you enjoyed this article, and would like to subscribe to this FREE CREDIT COUNSELING NEWSLETTER, and simply leave your email address.

We never ever share your information! Also-please feel free to pass this newsletter on to anyone who you may know that this could help. You will be creating good Karma--"You will reap what you so".

Written By:
Steven Ciantro
Member National Association of Certified Credit Counselors
American Debt Enders
Help@americandebtenders.com
877-766-2465

Comments

[debt relief]

I am happy to see that banks are finally getting on board with this vs having to go througha third party loan modification company. I saved $3k by doing this. Thanks so much for your post!