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.
Large credit card banks are willing to work directly with you shortly after you miss a payment.
Hardship payment programs are a bank’s loss mitigation effort for credit card debts. I cover the many issues with missing payments, and hardship repayment plans in general, in more detail below.
The first step is to talk to your creditors about your situation.