Get All Credit Card Payments Deferred in One Call
While most credit card issuers have announced programs to help consumers having trouble paying bills during the coronavirus pandemic, this is far from a universal free pass. Customers should contact their card issuer to explain why they are facing economic hardship; the lender must then propose adjustments on a case-by-case basis.
This means you need to pick up the phone (and maybe wait a little) to ask for help. And if you are shy about phone calls, like the author of this post, you may not really like calling your credit card number 1-800 for help.
But if there was a time to ask for help, it was now. And to make things easier, the National Fund for Credit Counseling (NFCC) offers assistance in contacting your lenders.
Instead of calling your creditors individually , you can call a credit counselor and ask them to handle the details for you. The consultant can provide a grace period of one to three months for your card payment – and you will also be contacted by the consultant if you wish to continue discussing your financial concerns and goals.
This new service is slightly different from conventional debt counseling.
Typically , a consultant will not negotiate with your creditors unless you participate in a Debt Management Plan (DMP), which consolidates the payment of your debt into one monthly amount run by a consulting agency. This process usually requires you to close your credit accounts while the debt is paid off.
You do not need to be a DMP member to contact a credit counselor for help in difficult situations, and you do not need to close any accounts. Counselors are simply helpers to provide short-term assistance and help identify options for alleviating any financial stress you are facing right now.
You can access a consultant through NFCC member agencies by visiting www.nfcc.org/locator/ or by calling 1-800-388-2227.