Home > Finance > Things To Know About A Credit Card Financial Hardship Program

Things to know about a credit card financial hardship program

Things to know about a credit card financial hardship program

Financial challenges can be difficult to overcome sometimes, especially when one has debts to pay off and other financial responsibilities. One such constraint may be a credit card bill that needs to be paid off by the due date to avoid penalties and maintain a credit score. Fortunately, many financial institutions offer credit card financial hardship programs to help in such situations. Being aware of such programs helps one seek much-needed support during testing times.

What are credit card financial hardship programs?
A credit card financial hardship program is an initiative to help cardholders needing temporary assistance, such as temporarily reducing interest rates, payment extensions, and late fee waivers. Sometimes, the individual’s due payment may be suspended under certain conditions. In general, if one’s credit scores and payment records have been good, there is a higher chance of being given the waivers and benefits applicable to such programs.

Who can apply for a credit card financial hardship program, and how to qualify for it?
A credit card financial hardship program is generally suitable for those currently going through a difficult financial situation and cannot afford to pay their impending credit card bill on time. Depending on the circumstances and the program’s policy offered by the specific financial institution, they may either avail of a deadline extension or even a waiver or suspension.

Following a few steps can help increase one’s chances of qualifying for a financial hardship program.

Check the company’s eligibility criteria
All credit card companies have certain fixed eligibility criteria for their financial hardship programs. So, when applying for a financial hardship program, one should know such eligibility criteria and requirements. Understanding the criteria beforehand ensures no disappointments later, and one is mentally prepared for the nature of support that the company will likely offer.

Demonstrate a financial hardship situation
Financial hardship may happen in different scenarios – loss of employment, an economic crisis, unexpected health emergencies, a natural disaster, etc. And when a solid reason substantiates a credit card holder’s request to qualify for the program, it is more likely to get approved. So, when applying for a financial hardship program, one should emphasize the financial constraint because one cannot pay off the impending debt.

Substantiate the request with documentation
Any concrete evidence of financial hardship—such as a hospital receipt or loss of employment due to factors beyond one’s control—should promptly be presented to the company. The more relevant documents one can present, the higher one’s chances of getting a waiver through a financial hardship program.

Check credit report
If a person’s credit score is poor, it is unlikely that their request will be considered. But if one had a pressing reason for payment delays earlier, one should clearly state such reasons along with any documentation, if possible. Although this step does not guarantee acceptance of one’s request, the company can approve the request if it finds these reasons genuine.

Consider the revised payment plan and agree to its terms
Suppose one’s request for a waiver on one’s credit card payment gets approved. In that case, one should check this revised payment plan carefully, promptly discuss any necessary changes to this plan with the company, and diligently agree to the revised terms to avoid any complications in the future.

Types of financial assistance through credit card financial hardship programs
As mentioned earlier, different credit card companies may offer assistance and support to their clients in different ways, depending on their terms and conditions and the client’s situation. However, some apply to almost all credit card companies offering such programs.

Temporary reductions to minimum monthly payments
If a person has applied for an EMI, their monthly installment amounts might be temporarily reduced if they are eligible for financial assistance. Such reduced EMIs can help one save a large amount every month, providing much-needed financial relief for the time being.

Reduced interest rates
Credit card companies may sometimes reduce the interest rates on credit card debts. This means that the individual would have to pay a lower amount over and above the principal debt amount, which increases the amount one has in hand.

Extensions to the payment deadline
Usually, credit card bills must be paid within a certain duration, failing which one faces a penalty and an eventual dip in credit score. However, the credit cardholder’s payment deadline may be extended if one qualifies for financial assistance through a financial hardship program. So, one has enough time to recover from the financial situation before paying the credit card bill.

Suspension of the debt
In rare instances, the credit card company may suspend the debt entirely. A company may take this step if the credit cardholder is in a deep financial crisis and is unlikely to be able to pay off the debt amount anytime soon.

Availing of a credit card financial hardship program provides one with the time and flexibility to deal with the unexpected situation that has led to financial hardship. The key to being eligible for such programs is to provide the company with a genuine reason for the waiver and concrete evidence reflecting the financial condition.

Featured Articles

Key things to know about macular degeneration

Macular degeneration is an eye disorder that affects the macula, a tiny part of the retina that provides sharp central vision. The most common kind of this disease is age-related macular degeneration (AMD), which affects many people in our country over 60 years. While there is no cure for macular degeneration, several treatments and lifestyle changes help manage the symptoms and improve your vision so that it does not interfere with everyday life. What are the types of macular degeneration? There are two common types of the condition: Wet or exudative macular degeneration This is the more common type. It occurs when the tiny blood vessels in front of your retina get damaged and leak fluid into your eye, causing swelling, redness, and dampness. The condition can affect your central vision and cause blurry patches in the center. Central vision is the area you see directly in front of you. Dry or atrophic macular degeneration Also known as senile macular degeneration, this condition occurs when the retina does not receive sufficient oxygen due to damage from aging; it results in a breakdown of the central part of the retina (the photoreceptors). What causes this eye disorder? The risk factors include genetics and lifestyle ailments, such as high blood pressure, high cholesterol levels, and diabetes. But these do not affect vision overnight; it takes years for the effects to show up. Here is a quick look at the many risk factors of macular degeneration: Age You are at risk of macular degeneration as you get older, especially after age 55. Hence, older adults are advised to go for regular screenings. Genetics You are at a higher risk if one or both parents have this condition. Past eye injury Head or eye trauma can lead to loss of central vision in the future.

Nasal polyps – Symptoms, causes, and management

Nasal polyps can be a symptom of an underlying condition or occur independently. The visible signs and symptoms of nasal polyps include congestion, runny nose, loss of smell, and pressure or pain around your eyes and cheeks. A deviated septum may contribute to nasal polyps. However, they can also occur in people who do not have this condition, such as athletes who blow their noses frequently during exercise routines. Read on to learn more about nasal polyps. What are nasal polyps? Nasal polyps are small, soft growths that develop in the lining of the nasal passages and sinuses. They are also sometimes called nasal tumors or nasal corking. They are not cancerous, contagious, or caused by allergies. Nasal polyps may also be associated with other conditions like chronic rhinosinusitis (CRS), allergic rhinitis (AR), chronic sinusitis (CS), and asthma. Nasal polyps typically develop before the age of 40, and they do not usually cause symptoms until they grow larger or become inflamed or infected.  However, large nasal polyps can block airflow through your nose. If this happens, you may experience sinusitis, headaches, and a stuffy or runny nose. You may also experience difficulty breathing through one nostril at a time if large polyps block the other nostril completely. The result could be an imbalance in oxygen supply to both sides of the body and possible damage to blood vessels in the head (for example, inflammation). Symptoms of nasal polyps In most cases, nasal polyps are painless and cause no symptoms. However, some people with nasal polyps may experience the following symptoms: Congestion or stuffiness A runny nose Loss of smell Loss of taste Pressure or pain around your eyes, cheeks, and teeth Facial pain or headache Snoring Need to clear the throat frequently Frequent bleeding of the nose When to see a doctor?

Atopic dermatitis – Causes, symptoms, and more

Atopic dermatitis (eczema) is a disorder that results in dry, irritable, and inflammatory skin. Though it can affect anyone, young children are more vulnerable to this disorder. The symptoms include recurring (chronic) and sporadic flare-ups, though it is not contagious. Atopic dermatitis patients risk contracting asthma and seasonal and food allergies. Regular moisturizing and skin disease condition-related treatments help alleviate itching and prevent further outbreaks. Using medicated lotions or ointments during treatment is also helpful. Symptoms Depending on an individual’s age, the severity of the condition, and other circumstances, symptoms of atopic dermatitis may vary. Those who have the condition typically experience phases of worsening symptoms, followed by times of improvement or even complete disappearance. The following sections will cover some likely variances in symptoms in more detail. General eczema symptoms Eczema symptoms are usually not severe. The most common signs and symptoms of atopic dermatitis include dry, itchy skin, skin flushing, or weeping sores.  Individuals with severe eczema skin disease may need more intensive care to eliminate their problems. Infections of the skin can also result from persistent touching and scratching. The appearance of the skin area afflicted by atopic dermatitis will vary depending on the frequency of itching and infection. Itching, redness, and irritation can all worsen by rubbing and scratching the skin. What causes eczema skin disease? The underlying etiology of eczema still has to be thoroughly comprehended. The cause, according to scientists, is an overactive immune system. When allergens from the outside come in contact with the skin, the immune system reacts, causing eczema to flare up. A collection of typical flare-up triggers is provided below. Additionally, researchers have shown that the bodies of some people with eczema do not produce enough of the protein filaggrin. This protein is essential for keeping skin healthy and nourished.

Afib – Types, causes, symptoms, and management

Atrial fibrillation (Afib) occurs when the usually stable and regular electrical impulses in the heart’s upper chambers (atria) begin firing chaotically, causing them to quiver or twitch (fibrillate). This can cause blood accumulation and clotting in the atria. These clots can reach the lungs through the blood vessels and cause pulmonary embolism or can reach the brain, resulting in a stroke. Let’s look at the forms, signs, and causes of Afib and its treatment options: Types of atrial fibrillation Afib can be classified as one or more of these: First-diagnosed Afib: Regardless of symptoms or the number or length of episodes, this refers to individuals diagnosed for the first time with Afib. Asymptomatic Afib: This condition is also called silent Afib, given the lack of signs or symptoms. A random electrocardiogram (ECG) could reveal asymptomatic atrial fibrillation. Paroxysmal Afib: Two or more episodes of the conditions that spontaneously resolve within a week are categorized as paroxysmal Afib. Persistent Afib: This refers to two or more episodes of atrial fibrillation that last seven days or more. Long-term persistent Afib: If the condition persists for more than a year, it is referred to as long-term persistent Afib. Permanent Afib: This is a chronic condition that cannot be managed using common treatment options. So here, the patient and doctor decide to stop treatment to get the heart rate back to normal and begin considering other management options. Causes and risk factors Typically, the condition is brought on by coronary artery disease or high blood pressure. Often, atrial fibrillation is triggered by an irregular heartbeat. However, it might occasionally be difficult to determine what triggered such irregularity, and there may be no apparent cause in some cases. In most cases, Afib runs in families, so if one has a family history of the condition, i.e., a close relative has the condition, the likelihood of developing the condition increases.

Trending News

How to reduce sugar intake and manage blood sugar

How to reduce sugar intake and manage blood sugar

It is a known fact that too much sugar can be devastating for your health. When blood sugar is high, the body produces more insulin, which can lead to several health complications, including prediabetes and diabetes. So, you must cut down on sugar. Choosing healthy snacks and increasing fiber and probiotic intake can help. Moreover, regular exercise is essential. Here are a few tips to lower sugar intake and manage blood sugar levels naturally. Avoid carbohydrates A high intake of carbohydrates has a substantial impact on blood sugar levels. The body breaks down carbohydrates into sugars like glucose, which enters the blood. While the body requires glucose for energy, an excess can be harmful. As the amount of glucose increases, so does the amount of insulin produced by the body, leading to a greater risk of lifestyle disorders. Some foods with an abundance of carbs to stay away from are potato chips and donuts. Control your portion size If you are dealing with frequent blood sugar spikes, monitoring portion size can help. When you eat a large meal, blood glucose increases suddenly. To avoid this, eat smaller meals. You can opt for five to six small meals per day instead of two or three large ones. Use smaller plates, eat slowly, avoid going to restaurants, and keep a food journal. This will not only help manage high blood sugar but also reduce calorie intake, which has several benefits. Consider foods rich in fiber Fiber helps slow the digestion of carbohydrates and sugar absorption, gradually controlling blood sugar. Unsurprisingly, many people with type 1 diabetes can manage their condition better by including more fiber in their meals. Some foods high in fiber are fruits, vegetables, whole grains, and legumes. However, remember that too much fiber can also be a problem. Speak with a doctor to determine the right amount based on your condition.
11 management options to keep anxiety at bay

11 management options to keep anxiety at bay

People with anxiety disorders regularly and excessively experience fear and panic in everyday situations. If unchecked, anxiety can impair normal functioning and degrade the quality of life. One must consult a health expert if anxiety is affecting their social life. But first, ensure that any physical health issues are ruled out before consulting them. Most individuals with anxiety disorders need medication or therapy, but coping strategies and lifestyle decisions can also be helpful. Stop and take a breath When you experience an anxiety episode, take a moment to think about what is making you feel uneasy. Usual anxiety symptoms include concerns about a recent or distant event. For example, you can worry that something wrong will happen to you in the future. Or, you can still be upset about something that has already happened in the past. But, whatever your concerns, most anxiety issues stem from not focusing on the present. The next time you feel nervous and get distracted from the present moment, sit down and take some deep breaths to reclaim your composure. You can regain balance and return to the present moment by pausing and taking a few deep breaths. If you have the time, consider advancing this practice by experimenting with breathing techniques. Noting down your triggers One must identify what’s upsetting them to address the underlying cause of their anxiety. One can achieve it by setting aside time to assess your emotions and thoughts. Journaling is a fantastic method to connect with your anxiety triggers. Keep a diary or notepad beside your bed if your anxiety-related thoughts keep you awake at night. You can note down all the issues troubling you. Another technique to identify and understand your nervous feelings is speaking with a friend. Consider the things you can change Worrying about things or incidents that are yet to occur or might never occur can often lead to anxiety.

Recent Articles

Breast cancer – Causes, types, and management

Cancer that originates in the breast tissue is called breast cancer. It is the second most common cancer among women in the country. The condition is seen in women more than men. Fortunately, advancements in screening and breast cancer treatment have enabled dramatic improvements in survival rates over the years. The symptoms include changes in the texture and shape of the nipples, discharge from the nipples, and a lump in the breast.  Read on to learn the causes, types, and management options of breast cancer.  Causes of breast cancer Breast cancer occurs when abnormal breast cells divide and multiply more rapidly than healthy cells. These abnormal cells accumulate to form a lump or mass. Doctors have not been able to know the exact cause of breast cancer. However, multiple factors can trigger the chances of developing the disease, and they include: Family history and genetics The risk increases if you have parents or close relatives who have been diagnosed with breast cancer. Having gene mutations such as BRCA1 and BRCA2, which are passed down from parents to children, also increases the risk. Age The risk of breast cancer increases with advancing age.  Gender The risk of developing breast cancer is higher in women than in men.   Personal history of breast conditions The risk increases when an earlier biopsy has indicated atypical hyperplasia of the breast or lobular carcinoma in situ or if cancer has been detected in one breast. Radiation exposure The risk of developing the disease increases if you have been exposed to radiation in your head, neck, or chest areas during past treatments. Hormone replacement therapy Women who use hormone replacement therapy may be more prone to breast cancer. Types of breast cancer Breast cancer  can be categorized into two broad types— invasive and non-invasive.  Invasive breast cancer Cancer that has spread from the place of origin to other parts of the body is termed invasive breast cancer.

10 best laundry detergents and their features

Detergents are available in multiple forms, such as pods, powder, and liquids, and choosing the best one can be tough. In addition to daily wear clothing and regular laundry items, you could have some garments that require specialized products for effective cleaning. Some members of your family might have sensitive skin and need mild chemical-free products. So here is a list of the best detergents that can make your laundry task hassle-free.  Gain Laundry Detergent Among the list of laundry detergents that are known for their fragrance is Gain Laundry Detergent. The liquid not only cleans your clothes but also gives them a delicate fragrance that can last for up to 6 weeks or until the garment is worn. This detergent can be used in all washing machines, including highly efficient ones. The detergent also has Oxi Boost, a combination of surfactants, enzymes, and pre-treaters that aid in eliminating stains and odors that could be two weeks old. Moreover, this product is available in multiple sizes to cater to the needs of every household. Persil ProClean Laundry Detergent Among the laundry detergents that excel in stain removal is Persil Proclean. This concentrated liquid offers deep cleaning and has stain-fighting enzymes. It has an active scent boost that eliminates the toughest of stains and odors so that your clothes have a fresh feel. This detergent has exceptional performance in all washing machines and provides effective cleaning at all water temperatures. The clean rinse formula and low suds ensure that white clothes stay white and bright clothes stay bright. Kirkland Laundry Detergent If you are looking for laundry detergents that are easy on your pocket, then choosing this Kirkland laundry detergent will be the best. The detergent offers a great combination of performance and cost-effectiveness. It has an ultra-clean formulation which enables it to travel deep in the fabrics to eliminate odor and stains.