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How to Get a Lower Credit Card Interest Rate with Internal Hardship Programs

credit card temporary hardship program

Getting a lower interest rate on your credit card is not always easy, but it is possible. There can be huge advantages to getting your interest rates lowered; find out how to do this with these simple steps.

Whenever a client calls our company for credit counseling, we always recommend self-management as an option for the client. What does this mean? Some creditors offer internal hardship programs for their clients who are experiencing financial hardship. Typically, with this type of program, the credit card company will lower your interest rate and monthly payment for a limited amount of time.

This type of solution is a good option for someone who may be temporarily out of work or experiencing some type of economic hardship from which they will soon recover. It is not really a good long-term solution for someone who needs overall assistance with paying off their debt because these programs typically last for only 6-12 months maximum.

Know your options

If you are interested in finding out what options are available to you, simply call your credit card company. Inform the customer service representative that you are experiencing financial difficulty and ask if they offer an “internal hardship program.” If they offer one, they will inform you of the terms. Keep in mind that you will not be able to use your credit card while you are on the hardship program. I did this with an American Express card that I had. What benefits did I receive? I got a 0% interest rate for the first 6 months of the hardship program, and a 9.9% interest rate for the remaining 6 months. If you need help understanding what option would be better for you (hardship program or credit counseling), call to speak with one of our certified financial counselors for a free assessment. You will get a free budget, net worth, and action plan that can put you on the right track with the steps to get out of debt.

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Filed Under: Credit Cards, Featured

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