Get information on card hardship programs from various issuers.

Some credit card companies are offering credit card hardship programs for struggling borrowers. Last year almost 3 million Americans were receiving some type of assistance from these plans. Find information on how to get assistance and who to contact to get debt help and relief from these programs.

Many companies would rather work with you so they can get some money from you. They would rather do that than see you not pay anything, default on your debt, or file for bankruptcy, in which case these credit card companies and banks would receive nothing from you.

While the type of aid provided will vary, and you may or may not be able to get a company to withhold finance charges for a year or so, it is possible to get a temporary reduction in the interest rate you are paying if you call and explain your financial circumstances.

Several banks are trying to provide more information about assistance they offer from their hardship programs and other options. Below is some of that information as well as phone numbers to their loss-mitigation departments.

American Express: AmEx has a hardship program that is very effective at eliminating debt, as it can reduce your monthly payment by as much as 40 percent. However, that is more for extreme hardship cases. Normally  the reduction in your monthly credit card bills will be closer to 10 percent to 25 percent, according to spokespeople from AmEx. Not only might they aid you with your monthly payment, they may also cancel penalties and fees. They also will offer longer term solutions such as debt consolidation or debt management plans. If you need help or are interested in the American Express assistance program, call (800) 253-1709 to speak with a service rep.
 

Chase: Chase will suspend future late and over limit fees, they can reduce your credit card interest rates, and even extend repayment terms. To contact Chase for more information on hardship programs, call the toll free number on your card. Also, find some of the current deals that Chase is offering for hardship customers. Continue.

Citi : Citibank offers a credit card hardship program as well. Assistance provided can include temporary credit card debt forbearance, debt consolidation, loan workouts, credit card modifications, debt settlement plans and interest rate reductions. Find out more on the Citi credit card hardship program, and also cardholders can call Citi at (866) 936-4814.

Discover Card : Credit cardholders who are experiencing a financial emergency or severe hardships may be able to receive a temporary single-digit APR. Another resource they offer is debt management plans, which may prove to be your best option in some situations. If you are a Discover Card member, you can call (866) 567-1660 for more information on their debt help programs. Find examples of Discover Card hardship programs.

Fifth Third Bank : You Have Options is hardship program that is offered by Fifth Third Bank. They understand that with today’s difficult economy, many consumers need assistance, and Fifth Third wants to help you in addressing your current financial situation in a more proactive manner. Learn more.

HSBC : HSBC is also pushing a hardship program to aggressively provide support to customers who are struggling with paying their credit card bills and debts. Call (888)-385-8916 for customer service. Also, find out more on the HSBC hardship program and real examples of how people are saving.

GE Money Bank : Hardship programs are also offered by GE Money Bank. You can contact them at 866-396-8254 to apply or get additional information on your options. Also read examples of how account holders are settling their credit card debt with GE Money Bank. Click here.

How are people eligible for debt assistance or hardship programs?
No matter who the bank or card issuer is, eligibility for these plans will depend on the person's personal financial situation, account history, and ability to pay your debt. Many people do not realize that you don't have to be late on your payments to get help. In fact, it is better to ask for assistance before you are delinquent.

When do I ask for help?
While you do want to contact them early, you do want to balance that with the fact that you should not sound the alarm unless a missed payment definitely looms in your near future. The reason being that a call made to the credit card company early before the financial problem is legit might prompt a closure of your account or a lowered limit. It is always advised to wait until you know that a problem is imminent.

How do I negotiate a credit card hardship program?
Try to get your interest rate lowered, as this usually has a major impact and many card companies may offer this option. Be sure to emphasize your previously strong payment history, credit score, and past relationship. It is usually not best to tell them you lost your job since in effect you are telling them that you have no capacity to pay your bills. Instead you need to focus your negotiations on how much you can afford to pay each month. Find more negotiation tips. Continue.

Do credit card hardship letters work?
A letter more than likely will not be enough to resolve any credit card debt problems you may have, but they are good tools to start the negotiation process. Find a few examples of credit card hardship letters. Click here.

Also keep in mind there be a negative impact to your credit score as if the credit card company modifies the terms of your account and if they do go ahead and report to the credit bureaus that you're paying less than the original amount on your debt, or if you are paying according to an altered set of terms, your score could be lowered. However, that lowering of your credit score is always better than the hit to your score if you do not pay at all.